Less Ads, More Data, More Tools Register for FREE

Pin to quick picksZotefoams Regulatory News (ZTF)

Share Price Information for Zotefoams (ZTF)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 562.00
Bid: 564.00
Ask: 576.00
Change: -2.00 (-0.35%)
Spread: 12.00 (2.128%)
Open: 564.00
High: 574.00
Low: 562.00
Prev. Close: 564.00
ZTF Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Year-End Trading Update

21 Jan 2020 07:00

RNS Number : 3793A
Zotefoams PLC
21 January 2020
 

Zotefoams plc

("Zotefoams" or "Group" or "the Company")

 

Year-End Trading Update

 

 

21st January 2020 - Zotefoams, a world leader in cellular materials technology, today provides a trading update following the Company's financial year end on 31 December 2019.

 

Trading conditions in the final quarter were largely as anticipated with the result that full year Group revenue will be at a similar level to 2018. For the financial year, business units performed as follows:

 

·; c20% increase in High Performance Products ("HPP") sales;

·; c60% increase in MuCell Extrusion LLC ("MEL") sales and;

·; c10% decline in Polyolefin sales, reflecting challenging market conditions in the second half of the year.

In the final quarter of the year profitability was ahead of management expectations prior to an adverse impact from foreign exchange rate movements. From the date of our last announcement on 3 October until 31 December 2019 sterling appreciation resulted in an adverse foreign exchange impact, for this period alone, on Group profit before tax of £0.8m. Of this, £0.6m related to the non-cash translation impact of intra-group loans. The Group therefore expects to report, subject to audit, adjusted profit before tax and exceptional item* for the year ended 31 December 2019 of approximately £9.1m.

 

All major capital projects were either completed during the year or are expected to complete in 2020 on time and on budget.

 

The Company expects to announce preliminary results for the year ended 31 December 2019 on Tuesday 24 March 2020.

 

Commenting on the update David Stirling, Group CEO of Zotefoams, said: 

While market conditions during the year have been challenging for our Polyolefins business, we expect to see a recovery in 2020. In line with our long-term strategy we expect to deliver further growth in our HPP and MEL business units.

 

Due to the current market conditions, recently commissioned long-term capacity investments are expected to run at low utilisation rates, with depreciation and other costs being under recovered in the short term. These investments are consistent with the opportunity and ambition of Zotefoams and, with the anticipated recovery in the markets for Polyolefin foams and further growth from HPP, we expect improved utilisation of these assets in the latter part of 2020.

 

- Ends -

 

Enquiries:

 

Zotefoams plc

+44 (0) 208 664 1600

David Stirling, Group CEO

Gary McGrath, Group CFO

IFC Advisory

+44 (0) 203 934 6630

Graham Herring

Zach Cohen

 

 

 

 

 

* Profit before tax, exceptional item and the amortisation of acquired intangible assets

 

 

 

About Zotefoams plc

Zotefoams plc (LSE - ZTF) is a world leader in cellular materials technology. Utilising a variety of unique manufacturing processes, including environmentally friendly nitrogen expansion for lightweight AZOTE® polyolefin and ZOTEK® high-performance foams, Zotefoams sells to diverse markets worldwide. Zotefoams uses its own cellular materials to manufacture T-FIT® advanced insulation for demanding industrial markets. In addition, Zotefoams owns and licenses patented MuCell® microcellular foam technology, developed specifically for extrusion applications, from a base in Massachusetts, USA to customers worldwide.

 

Zotefoams is headquartered in Croydon, UK, with additional manufacturing sites in Kentucky and Oklahoma, USA (foam products manufacture and conversion), Massachusetts, USA (MuCell Extrusion) and Jiangsu Province, China (T-FIT®). A third foam-manufacturing site, in Poland, is planned to begin operations in 2020.

 

www.zotefoams.com

 

AZOTE®, ZOTEK®, T-FIT® are registered trademarks of Zotefoams plc

MuCell® is a registered trademark of Trexel Inc.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
TSTKZGZMNGMGGZM
Date   Source Headline
10th Oct 20177:00 amRNSDirector/PDMR Shareholding
28th Sep 20177:00 amRNSHolding(s) in Company
13th Sep 20177:00 amRNSDirector/PDMR Shareholding
16th Aug 20177:00 amRNSHolding(s) in Company
11th Aug 20175:23 pmRNSHolding(s) in Company
10th Aug 20177:00 amRNSDirector/PDMR Shareholding
8th Aug 20177:00 amRNSDirectorate Changes
8th Aug 20177:00 amRNSHalf-year Report
20th Jul 20177:00 amRNSHolding(s) in Company
12th Jul 201710:19 amRNSDirector/PDMR Shareholding
3rd Jul 20174:35 pmRNSPrice Monitoring Extension
13th Jun 20177:00 amRNSDirector/PDMR Shareholding
5th Jun 20172:14 pmRNSDirector/PDMR Shareholding
1st Jun 20174:30 pmRNSDirector/PDMR Shareholding
31st May 20177:00 amRNSDirector/PDMR Shareholding
17th May 20177:00 amRNSTrading Update
12th May 201711:16 amRNSDirector/PDMR Shareholding
12th Apr 20173:34 pmRNSAnnual Report and Accounts and Notice of 2017 AGM
12th Apr 20173:24 pmRNSDirector/PDMR Shareholding
12th Apr 20171:55 pmRNSHolding(s) in Company
10th Apr 20174:02 pmRNSDirector/PDMR Shareholding
6th Apr 20172:27 pmRNSHolding(s) in Company
6th Apr 20172:25 pmRNSHolding(s) in Company
28th Mar 201711:36 amRNSDirector/PDMR Shareholding
27th Mar 201710:16 amRNSHolding(s) in Company
24th Mar 20173:33 pmRNSHolding(s) in Company
23rd Mar 201710:11 amRNSHolding(s) in Company
22nd Mar 20173:28 pmRNSHolding(s) in Company
14th Mar 20175:28 pmRNSDirector/PDMR Shareholding
14th Mar 20177:00 amRNSFinal Results
9th Mar 20177:00 amRNSCoveris using MuCell® technology
15th Feb 201710:46 amRNSDirector/PDMR Shareholding
10th Feb 20177:00 amRNSHolding(s) in Company
1st Feb 20176:27 pmRNSHolding(s) in Company
12th Jan 20179:36 amRNSDirector/PDMR Shareholding
11th Jan 201710:33 amRNSHolding(s) in Company
10th Jan 20175:34 pmRNSHolding(s) in Company
9th Jan 20177:00 amRNSTrading Update
6th Jan 20177:00 amRNSAppointment of Joint Broker
6th Jan 20177:00 amRNSAcquires full ownership of its joint venture
22nd Dec 20164:35 pmRNSPrice Monitoring Extension
13th Dec 20161:58 pmRNSDirector/PDMR Shareholding
24th Nov 20167:00 amRNSHolding(s) in Company
15th Nov 201612:40 pmRNSDirector/PDMR Shareholding
14th Nov 201610:30 amRNSDirector Declaration
28th Oct 20167:00 amRNSThird Quarter Trading Update
25th Oct 20164:40 pmRNSSecond Price Monitoring Extn
25th Oct 20164:35 pmRNSPrice Monitoring Extension
24th Oct 201612:07 pmRNSSecond Price Monitoring Extn
24th Oct 201612:02 pmRNSPrice Monitoring Extension

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.