Zotefoams PLC
16 December 2004
16 December 2004
Zotefoams plc
Period End Trading Update
Zotefoams plc today provides a trading update prior to the Company's financial
year end on 31 December 2004.
Sales have been in line with the statements made at the time of our interim
results announced on 9 August 2004. In Europe sales remain in line with
expectations in contrast to the weak performance in Europe during the latter
part of 2003. We have also experienced continued growth in North America,
albeit at a slower pace than in the first half of this year, while the weaker US
dollar will negatively impact our reported performance from this region. UK
markets remain stable and our UK sales will be around the same levels as 2003.
Despite higher material and energy prices, particularly in the final quarter of
the year, with cost control and operational improvement from corrective actions
taken in our North American plant the Board expects that profits for the year
will be in line with market expectations.
We expect to reduce net debt at 31 December 2004 to below £3.0 million (2003:
£3.6 million).
We continue to make encouraging progress on the development of innovative
high-performance products which we believe provides a strong platform for
profitable growth in the medium term. We have a broad range of commercial
applications under investigation using our unique ZOTEK (R) F grades which were
launched during 2004. Other projects under early stage development, such as
nylon and silicone foams, are proceeding to plan.
Enquiries:
Zotefoams plc 020 8664 1600
David Stirling, Managing Director
Clifford Hurst, Finance Director
Financial Dynamics 020 7831 3113
Deborah Scott
This information is provided by RNS
The company news service from the London Stock Exchange
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