Zotefoams PLC Interim Management Statement (4117W)
November 07 2014 - 2:00AM
UK Regulatory
TIDMZTF
RNS Number : 4117W
Zotefoams PLC
07 November 2014
Zotefoams plc
("Zotefoams" or "the Company")
Interim Management Statement for the Quarter ended 30 September
2014
7 November 2014 - Zotefoams, a world leader in cellular material
technology, today announces its interim management statement for
the third quarter ended 30 September 2014.
Following the increase in sales in the first half, Zotefoams
experienced continued sales growth in the third quarter. MuCell
experienced strong growth primarily driven by equipment sales, with
sales for the three months ended 30 September approaching the level
achieved in the six months ended 30 June. High-Performance Product
sales nearly doubled in the third quarter, compared to the same
period last year, with growth driven by our ZOTEK(R) F
fluoropolymer foams in aviation and our T-Tubes(R) insulation
products. Against the comparative quarter in 2013, polyolefin foams
delivered good volume growth in the UK and continental Europe,
North America showed more modest growth while Far Eastern sales
were relatively weaker following the strong performance in the
first half of the year.
We continue to invest in people and processes to support our
future growth expectations. Operating costs were therefore higher
than in the third quarter of 2013, while raw material prices were
at a similar level. The positive benefits of the sales growth were
also reduced by unfavourable exchange rates. As a predominantly
UK-based exporter the adverse effect of the strength of sterling on
our sales and assets outweighs the benefit we receive from buying
most of our raw materials in euros.
The business is trading well and we have a strong order book for
the remainder of the year, consistent with statements made at our
interim results of 12 August 2014. Although we are mindful of
uncertainty in the economic environment, the Board remains
confident of a satisfactory outcome for the current financial year
and 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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