Zotefoams PLC Trading Update (7596J)
15 Diciembre 2022 - 1:00AM
UK Regulatory
TIDMZTF
RNS Number : 7596J
Zotefoams PLC
15 December 2022
Zotefoams plc
("Zotefoams" or "Group" or "Company")
Trading Update
Continued positive momentum through Q4 and full year profit
ahead of market expectations
15 December 2022 - Zotefoams, a world leader in cellular
materials technology, today provides an update in respect of its
financial year ending 31 December 2022.
As communicated in the Group's trading update of 13 October,
performance over the nine months to 30 September 2022 had been
strong, with revenues approximately 24% ahead of the comparable
prior year period.
Encouragingly, trading during October and November has remained
strong, with both the Polyolefin Foams and High-Performance
Products businesses continuing to deliver year-on-year growth as
well as a continued focus on cost and efficiency. As a result,
based on current FX rates, the Board now expects Group FY22
adjusted profit before income tax to be ahead of current market
expectations*, with the extent of the outperformance primarily
dependent on the timing of customer shipments in the final weeks of
the year.
Cash generation also continues to be positive. The better than
anticipated earnings performance should contribute to an
appreciable reduction in leverage compared with that reported in
the interims at 30 June 2022.
Commenting on the update David Stirling, Group CEO of Zotefoams,
said:
"I am pleased that Zotefoams continues to perform well and
deliver excellent growth in both revenue and profitability. Whilst
this year has seen considerable challenges in the form of both cost
and demand volatility, we have continued to demonstrate resilience
in mitigating these, which is testament to Zotefoams'
well-established products and experienced team.
"Whilst we expect a number of the challenges experienced this
year to continue into 2023, we are confident in our ability to
respond and we continue to see significant opportunity for the
Group."
* Current Company-compiled consensus expectations for adjusted
profit before income tax and separately disclosed items, for the
year ending 31 December 2022, is GBP10.7m.
- 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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END
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