Full Year Trading Update

RNS Number : 7644Z

Zotefoams PLC

27 January 2022

 

Zotefoams plc

("Zotefoams" or the "Group")

Full Year Trading Update

27 January 2022 -  Zotefoams, a world leader in cellular materials technology, today provides a trading update (unaudited) in respect of its financial year ending 31 December 2021 ("FY 2021").

Further to the trading update of 17 December 2021, we expect to report Group revenues for the year of approximately £100m and profit before taxation, in line with market expectations, of approximately £7m. This has been achieved as we continued to focus on maintaining high customer service levels in the very challenging supply chain conditions experienced at the end of last year.

Our ReZorce^® mono-material barrier packaging activities have made excellent recent progress. In Massachusetts, our pilot plant is now operational and external partner trials are planned for the coming months. In response to strong market interest and progress to date, our confidence in this opportunity has grown and we plan to invest approximately £1-1.5m of additional operating cost in 2022 to accelerate commercialisation progress. We expect to provide further detail of our longer-term plans for this disruptive technology later this year.

The Group will be announcing its preliminary results for the year ended 31 December 2021 on 22 March 2022.

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

"Despite a very challenging backdrop at the end of 2021, we are pleased to have delivered strong top-line growth while meeting profit expectations for the year and our customers' needs.

"I am very pleased at the progress our team has made in developing the ReZorce barrier technology and the plans for increased investment are fully justified given this and the potential opportunity in sustainable barrier packaging for the circular economy."

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Enquiries:

Zotefoams plc	[phone]
David Stirling, Group CEO Gary McGrath, Group CFO
IFC Advisory	[phone]
Graham Herring Tim Metcalfe Zach Cohen

The information contained within this announcement is deemed by the company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended) ("UK MAR").  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

About Zotefoams plc

Zotefoams plc (LSE - ZTF) is a world leader in cellular materials technology delivering optimal material solutions for the benefit of society. 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. Zotefoams also owns and licenses patented microcellular foam technology to reduce plastic use in extrusion applications and for ReZorce^® mono-material recyclable barrier packaging.

Zotefoams is headquartered in Croydon, UK, with additional manufacturing sites in Kentucky, USA and Brzeg, Poland (foam manufacture), Oklahoma, USA (foam products manufacture and conversion), Massachusetts, USA (MuCell Extrusion) and Jiangsu Province, China (T-FIT).

www.zotefoams.com

AZOTE^®, ZOTEK^®, ReZorce^® and T-FIT^® are registered trademarks of Zotefoams plc.  

 

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