Third Quarter Trading Update

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 sales¹ 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® 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® microcellular foam technology from a base in Massachusetts, USA to customers worldwide and sells T-Tubes® advanced insulation systems made from its patented ZOTEK® fluoropolymer foams.

www.zotefoams.com

ZOTEK® is a registered trademark of Zotefoams plc.  MuCell® is a registered trademark of Trexel Inc. T-Tubes® is a registered trademark of UFP Technologies Inc.

 

END

 

 

TSTURRBRVRAROAA