Zotefoams PLC Third Quarter Trading Update (1045E)
November 02 2015 - 2:00AM
UK Regulatory
TIDMZTF
RNS Number : 1045E
Zotefoams PLC
02 November 2015
Zotefoams plc
("Zotefoams" or "the Company")
Third Quarter Trading Update
Strong Polyolefin foams performance drives sales growth
Appointment of Chairman Designate
2 November 2015 - Zotefoams, a world leader in cellular material
technology, today provides a trading update for the third quarter
ended 30 September 2015.
Following the 10% increase in sales(1) in constant currency
during the first half of 2015, Zotefoams experienced continued
sales growth in the third quarter, driven by a strong performance
in Polyolefin foams. Sales in High-Performance Products were
similar to a very strong third quarter in 2014, with further
revenue growth expected in the final quarter of the year,
particularly in T-Tubes(R) insulation products. Revenue growth from
MuCell Extrusion LLC, the Company's technology licensing business,
is also expected to be more strongly weighted to the final quarter
of this year due to timing of equipment shipments to licensees.
In Walton, Kentucky, USA, our major investment to increase
global manufacturing capacity in support of future growth is
anticipated to commence manufacturing in the third quarter of
2016.
Following a thorough search and selection process, Steve Good, a
Non-executive Director of the Company since October 2014, has been
appointed Chairman Designate with immediate effect in preparation
for the retirement of current Chairman, Nigel Howard, on 31 March
2016.
David Stirling, Group Chief Executive Officer, comments; "Nigel
has been Chairman of Zotefoams since 2007 and has led Zotefoams
through a phase of transformational development in its technology
and market presence. The Board wishes to express its gratitude to
Nigel for his many contributions during his tenure as Chairman of
the Company and wishes him well for the future. We are delighted
that Steve is stepping into the role of Chairman Designate and look
forward to his continued support and guidance at the helm of the
Company."
The business is trading well and we have strong order books in
all three of our business units for the final quarter of this year.
Whilst being mindful of the potential impact of economic conditions
the Company continues to expect 2015 to be another year of progress
and remains confident about the long-term prospects for the
business.
Enquiries:
Zotefoams plc
David Stirling, Group CEO 0208-664-1600
Clifford Hurst, Finance Director
FTI Consulting 0203-727-1000
Victoria Foster Mitchell/Simon
Conway
Notes
([1]) Sales consolidates all external sales made by the
joint-ventures as well as those made by Zotefoams plc and its
subsidiaries.
Steve Good - Non-Executive Director and Chairman designate
Appointed to the Board in October 2014. Steve was chief
executive of Low & Bonar PLC between 2009 and 2014. Prior to
that role, he was managing director of its Technical Textiles
division for 3 years, director of its new business for one year and
managing director of its Plastics Division for one year. Prior to
joining Low & Bonar he spent 10 years with BTP plc (now part of
Clariant) in a variety of leadership positions managing
international speciality chemicals businesses. Steve is a chartered
accountant. Steve is a non-executive director of Elementis plc,
Cape plc and Anglian Water Services Limited.
About Zotefoams plc
Zotefoams plc (LSE - ZTF) is a world leader in cellular material
technology. Using a unique manufacturing process with
environmentally friendly nitrogen expansion, Zotefoams produces
lightweight foams in Croydon, UK and Kentucky, USA for diverse
markets worldwide through its global sales force. Zotefoams also
owns and licenses patented MuCell(R) microcellular foam technology
from a base in Massachusetts, USA to customers worldwide and sells
T-Tubes(R) advanced insulation systems made from its patented
ZOTEK(R) fluoropolymer foams.
www.zotefoams.com
ZOTEK(R) is a registered trademark of Zotefoams plc. MuCell(R)
is a registered trademark of Trexel Inc. T-Tubes(R) is a registered
trademark of UFP Technologies Inc.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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