Zotefoams PLC Q3 Trading Update (1247R)
03 Noviembre 2021 - 12:59AM
UK Regulatory
TIDMZTF
RNS Number : 1247R
Zotefoams PLC
03 November 2021
Zotefoams plc
("Zotefoams" or the "Group")
Q3 Trading Update
3 November 2021 - Zotefoams, a world leader in cellular
materials technology, today provides a trading update for the third
quarter of its financial year ending 31 December 2021 ("Q3
2021").
Zotefoams is pleased to report a record third-quarter sales
performance, with revenues approximately 11% ahead of Q3 2020 and
approximately 35% ahead of Q3 2019. Excluding the significant
non-repeating sales of polyolefin foams for personal protective
equipment ("PPE") in 2020, Q3 2021 sales increased by approximately
54% compared to Q3 2020.
Demand for polyolefin foams has rebounded strongly in most
markets, augmented by previously implemented price increases
becoming fully effective in the third quarter. Within HPP, sales of
footwear products have continued at approximately the same rate as
the first half of 2021 but have been negatively impacted by the
well-publicised COVID-related shutdown of our customer in Vietnam.
Sales of other High-Performance Products were also significantly
above the low levels of demand experienced in Q3 2020, with the
result that total Q3 2021 HPP sales were up 75% year-on-year.
The development and early-stage commercialisation discussions of
our ReZorce(R) mono-material barrier technology continues to meet
expectations and we look forward to providing further details of
this key initiative with the announcement of the full year
results.
As previously communicated, the cost base of the business has
increased, in part due to the start-up of our Poland facility but
also due to commodity polymer price movements, general inflationary
cost increases and additional costs incurred in managing current
supply chain disruptions and inefficiency. We do not foresee a
relaxation in cost pressure in the short to medium term.
We have good visibility of confirmed orders for the remainder of
2021 other than for T-FIT(R) insulation products, where orders are
typically not confirmed until shortly before shipment and the
project-based environment is more uncertain. Based on our sales
forecasts and current foreign exchange rates, and subject to there
being no additional material disruption to the business as a result
of the ongoing supply chain challenges, the Board expects full-year
revenues and profit before tax to be in line with market
expectations.
Commenting on the update David Stirling, Group CEO of Zotefoams,
said:
"We have been greatly encouraged by the return of strong
underlying demand across most of our industry segments, although
continued COVID and supply chain disruption has hampered markets
such as automotive, aviation and footwear products. I am pleased
that Zotefoams continues to manage this challenging environment of
supply chain disruption and cost inflation well, once again
demonstrating the resilience and flexibility of our people and our
broad customer base. This strong commercial momentum and resilience
in operational performance and cash generation gives us confidence
to continue to invest for the future in all business units, with
ReZorce in particular offering the potential of a very significant
opportunity in the years to come"
- Ends -
Enquiries:
Zotefoams plc +44 (0) 208 664 1600
David Stirling, Group CEO
Gary McGrath, Group CFO
IFC Advisory +44 (0) 203 934 6630
Graham Herring
Tim Metcalfe
Zach Cohen
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(R) polyolefin and ZOTEK(R) high-performance
foams, Zotefoams sells to diverse markets worldwide. Zotefoams uses
its own cellular materials to manufacture T-FIT(R) 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(R)
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(R) , ZOTEK(R) , ReZorce(R) and T-FIT(R) are registered
trademarks of Zotefoams plc.
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