Zotefoams PLC Trading Update (4767B)
January 07 2015 - 2:00AM
UK Regulatory
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RNS Number : 4767B
Zotefoams PLC
07 January 2015
Zotefoams plc
("Zotefoams" or "the Company")
Trading Update
7 January 2015 - Zotefoams, a world leader in cellular material
technology, today provides a trading update following the Company's
financial year end on 31 December 2014.
For the year ended 31 December 2014 Zotefoams will report sales
growth in all major areas of the business with overall sales
approximately 10%(1) ahead of 2013 in reporting currency which is
equivalent to growth of approximately 15% in constant currency.
In constant currency, High-Performance Products sales grew by
approximately 60% while sales in MuCell Extrusion, our technology
licensing business, increased by approximately 40%. Polyolefin
sales volumes increased by 9% in the year, although the fourth
quarter was impacted by delayed shipments. While it is normal to
have some carry-over of planned shipments from month to month, the
level was approximately GBP1.5m higher than we expected. This
shortfall, which will despatch in early 2015, will result in a
lower level of profitability from Polyolefin foams than previously
anticipated. These delays were a result of unanticipated
administrative bottlenecks following the implementation of our new
ERP IT system. While we are confident that all substantive issues
have now been resolved there was insufficient time to ship all
orders before year end. We enter 2015 with a revenue backlog from
Polyolefin foams as well as a strong order book for the start of
the new year.
The Board expects to report an earnings outcome slightly below
the lower end of market expectations when preliminary results are
announced on Tuesday 17 March, 2015. With 2014 seeing strong
operating profit(2) growth and sales momentum into 2015, the Board
remains confident of continued progress in the future.
Enquiries:
Zotefoams plc 0208-664-1600
David Stirling, Managing Director
Clifford Hurst, Finance Director
FTI Consulting 0203-727-1000
Victoria Foster Mitchell, Simon
Conway
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.
(1) Sales made by joint ventures as well as those made by
Zotefoams plc and its subsidiaries.
(2) Before exceptional items
This information is provided by RNS
The company news service from the London Stock Exchange
END
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