Zotefoams PLC Trading Update (9613V)
17 Diciembre 2021 - 1:00AM
UK Regulatory
TIDMZTF
RNS Number : 9613V
Zotefoams PLC
17 December 2021
Zotefoams plc
("Zotefoams" or the "Group")
Trading Update
17 December 2021 - Zotefoams, a world leader in cellular
materials technology, today provides a trading update in respect of
its financial year ending 31 December 2021 ("FY 2021").
Further to the trading update of 3 November 2021, we have seen
continued commercial progress, with FY 2021 revenues shipped to
date of approximately GBP95m. The Group has a residual orderbook
for FY 2021, supporting potential sales of approximately GBP101m
for the year (2020: GBP83m), slightly ahead of current market
consensus expectations.
However, in recent weeks the Group has encountered some specific
supply chain issues which have temporarily delayed the in-bound
supply of product, primarily at our UK facility. These issues have
been substantially resolved but the delays experienced will have an
impact on the timing of shipments either side of the year end. We
currently expect that GBP1m of 2021 orders will now be shipped in
2022 but there is a risk that up to a further GBP3m of orders might
similarly be delayed until 2022, given a volatile logistics
backdrop. The drop-through margin on these products is within a
range of 50%-75%.
Overall, the Group continues to manage a challenging supply
chain backdrop effectively, in support of continued demand
recovery. We have experienced some short notice cost surcharges
from energy-intensive suppliers, which have increased our costs in
the final quarter. Absent the shipping delays described above,
these costs were expected to have been offset in FY 2021 by the
stronger than expected sales performance, with pricing adjustments
to be made in 2022.
Commenting on the update David Stirling, Group CEO of Zotefoams,
said:
"It is encouraging to see good organic revenue growth and we
have actively engaged with customers to secure price increases in
2021 and have also agreed further price increases effective early
in 2022. This does, however, remain a challenging environment for
many businesses, dealing with inflationary pressures, supply chain
challenges and uncertainty.
"It is disappointing that, given how close we are to the year
end, this supply chain issue will impact 2021 shipments. However,
these orders will be delivered early in the new year and the strong
commercial momentum we have seen through FY 2021 positions the
Group very well for further progress in 2022 and beyond."
- 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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