Zotefoams PLC Full Year Trading Update (7644Z)
27 Enero 2022 - 12:59AM
UK Regulatory
TIDMZTF
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 GBP100m and
profit before taxation, in line with market expectations, of
approximately GBP7m. 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(R) 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 GBP1-1.5m 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."
- 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
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(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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END
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January 27, 2022 01:59 ET (06:59 GMT)
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