Trading Update

RNS Number : 3523F

Zotefoams PLC

17 May 2017

 

Zotefoams plc

("Zotefoams" or "the Company")

Trading Update

17^th May 2017 - Zotefoams, a world leader in cellular materials technology, today provides a trading update for the first quarter ended 31 March 2017, ahead of its Annual General Meeting at 675 Mitcham Road, Croydon CR9 3AL at 10am. At this meeting Steve Good, Chairman of Zotefoams plc, will make the following statement:

"Group revenue for the first three months of the year was in line with management expectations, being approximately 28% ahead of the comparative period for the previous year and delivering a record sales result for the first quarter.  Revenue from Polyolefin foams increased by 6% at constant currency with capacity improvements, following recent investments, allowing us to meet increased demand levels. High Performance Products sales benefitted from increased demand for ZOTEK ® PEBA, while the high-value MuCell equipment contract, delayed from 2016, shipped in the quarter. At constant currency, overall revenue growth was around 16% ahead of the comparative period for the previous year.

In Walton, Kentucky, USA, the previously delayed high-pressure autoclave was delivered and passed its final acceptance testing in April this year. The business is working hard to complete the project and is now anticipating a start-up around the end of the third quarter. Once operational, this investment will deliver approximately 20% additional global capacity.

While it is still early in the year, and we are mindful of the less stable political and macroeconomic environment, we continue to expect 2017 to be another year of progress and remain confident about the long-term prospects of the business."

- Ends -

Enquiries:

Zotefoams plc	[phone]
David Stirling, Group CEO
Gary McGrath, Finance Director
FTI Consulting	[phone]
Victoria Foster Mitchell / Simon Conway

About Zotefoams plc

Zotefoams plc (LSE - ZTF) is a world leader in cellular materials technology. Using a unique manufacturing process with environmentally friendly nitrogen expansion, Zotefoams produces and sells lightweight AZOTE® polyolefin and ZOTEK® high-performance foams for 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®).

www.zotefoams.com

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

MuCell^® is a registered trademark of Trexel Inc.

 

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