REG - Zotefoams PLC - Full Year Trading Update

ZotefoamsAnnouncement

27/01/2022 07:00

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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 £100m and profit before taxation, in
line with market expectations, of approximately £7m. 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(®) 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 £1-1.5m 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(®) polyolefin and ZOTEK(®)
high-performance foams, Zotefoams sells to diverse markets
worldwide. Zotefoams uses its own cellular materials to manufacture
T-FIT(®) 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(®)
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 (http://www.zotefoams.com/)

AZOTE(®), ZOTEK(®), ReZorce(®) and T-FIT(®) are registered trademarks
of Zotefoams plc.

 

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