Zotefoams PLC Trading Update (6535M)
25 Mayo 2022 - 01:00AM
UK Regulatory
TIDMZTF
RNS Number : 6535M
Zotefoams PLC
25 May 2022
Zotefoams plc
("Zotefoams" or "Group")
Trading Update
25 May 2022 - Zotefoams, a world leader in cellular materials
technology, today provides a trading update for the four months
ended 30 April 2022 ahead of its Annual General Meeting to be held
today at 10am at 675 Mitcham Road, Croydon, CR9 3AL.
At this meeting Steve Good, Chair of Zotefoams plc, will make
the following statement:
In line with the outlook statement in our 2021 preliminary
results announcement, we have experienced good demand in the first
four months of 2022, resulting in Group revenue for the period
being approximately 13% ahead of the comparative period.
Highlights in the period are:
-- Polyolefin Foams sales increased by 20%. Volumes have increased
by 5%, with the majority of the sales uplift being driven
by increased prices
-- High-Performance Products (HPP) sales increased by 6%:
-- Footwear sales at similar levels to prior period, as expected
at this point in the demand cycle
-- Aviation sales improving strongly from a low base
-- T-FIT(R) insulation products sales increased by 18%
-- MuCell Extrusion's focus is on the technical and commercial
development of ReZorce(R) mono-material packaging solutions,
with good progress in the period
The macroeconomic environment remains difficult, with input cost
inflation both significant and unpredictable and supply chains
prone to disruption. We have been reacting to input-price movements
by increasing our selling prices as well as focusing on internal
efficiencies and controllable costs, while proactively implementing
actions to mitigate supply chain risks. There has been no material
disruption to the Footwear supply chain or to our major facilities
in the UK, USA and Poland, although there was a 5-week enforced
shutdown of our China T-FIT facility due to COVID-19.
Outlook
We have delivered good sales growth in the first four months of
the year and anticipate this sales momentum to continue, supported
by the price increases and a strong order book with excellent
visibility to the end of June. However, we do not anticipate the
challenging macroeconomic environment to ease and remain mindful of
some specific risks around COVID-19.
While it is still early in the year, we anticipate Group revenue
to be ahead of market expectations for the full year, with demand
in line and higher prices recovering cost inflation. Current
foreign exchange rates, net of hedging, may also provide some
additional benefit. Consequently, we are comfortable with
expectations for growth in profit and remain confident about the
long-term prospects of the business.
Commenting on the update David Stirling, Group CEO of Zotefoams,
said:
"Zotefoams products are well positioned to deliver benefits to
society by saving energy, protecting people and goods and helping
our customers make their products using less raw material. We have
invested significantly in recycling initiatives with ReZorce
barrier packaging and in our core foams business, and we are well
placed for future growth. The current macroeconomic climate is
extremely challenging and I am proud of our team for balancing
customer expectations with the cost inflation and supply chain
pressures we face as a business.
- 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.
www.zotefoams.com
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