Third Quarter Trading Update

RNS Number : 1767V

Zotefoams PLC

01 November 2017

 

Zotefoams plc

("Zotefoams" or the "Company" or "Group")

Trading Update

1^st November 2017 - Zotefoams, a world leader in cellular materials technology, today provides a trading update for the third quarter ended 30 September 2017.

Zotefoams is pleased to report continued strong trading during the third quarter, maintaining the momentum of organic sales growth experienced in the first half of the year.

·      Full year revenues expected to be ahead of market expectations

·      Adjusted profit before tax and exceptional items for the year ending 31 December 2017 expected to be at the top end of the range of market expectations

·      Group revenue 22% ahead for the third quarter against the comparative period

·      Group revenue 24% ahead for the first nine months against the comparative period

In constant currency sales grew 16% in the third quarter following a 14% increase for the first six months of the year.  The year-to-date growth has been delivered across all business units, with particularly strong growth in High-Performance Products, during the third quarter.

Management continues to invest in its strong portfolio of growth prospects and to manage the higher growth rates of early stage opportunities. The order book for the fourth quarter gives confidence that the Company will exceed market expectations for Group revenue and therefore, at current foreign exchange rates, the Board expects adjusted profit before tax and exceptional items for the year ending 31 December 2017 to be at the top end of the range of market expectations.

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

"We are delighted with the strong organic growth achieved across all business units during the third quarter of 2017. Our ambition is to establish ourselves as the world leader in cellular materials technology in our chosen markets. To achieve this ambition, we are investing significantly in new equipment and enhanced business capability. The Board is confident of another year of positive progress and about the long-term prospects for the business."

- Ends -

Enquiries:

Zotefoams plc	[phone]
David Stirling, Group CEO
Gary McGrath, Group CFO
IFC Advisory	[phone]
Graham Herring Miles Nolan

About Zotefoams plc

Zotefoams plc (LSE - ZTF) is a world leader in cellular materials technology. Using a unique manufacturing process with environmentally friendly nitrogen expansion, Zotefoams produces and sells lightweight AZOTE® polyolefin and ZOTEK® high-performance foams for diverse markets worldwide.  Zotefoams uses its own cellular materials to manufacture T-FIT^® advanced insulation for demanding industrial markets. In addition, Zotefoams owns and licenses patented MuCell^® microcellular foam technology, developed specifically for extrusion applications, from a base in Massachusetts, USA to customers worldwide.

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

www.zotefoams.com

AZOTE®, ZOTEK®, T-FIT® are registered trademarks of Zotefoams plc

MuCell^® is a registered trademark of Trexel Inc.

 

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