Zotefoams expects sales growth of 8% in the first half of 2015
Zotefoams expects sales growth of 8% in the first half of 2015 By PRW Staff Posted 10 July 2015
Zotefoams, the cellular material technology group, said it expected total sales growth for the first half of 2015 to come in at around 8%, or 10% on a constant currency basis.
The Croydon-based firm said revenues at its MuCell Extrusion operation would be likely to grow by around 40%, while its High-Performance Products division would see sales growth of more than a fifth.
Zotefoams said its polyolefin foams sales volumes had risen by 6%, which translated into revenue growth of approximately 5%.
The firm noted that having been constant during the past year the price of LDPE, its main raw material, had risen sharply in recent months.
The group said the weaker euro had benefitted raw material purchases, “which are significantly euro based”, and US dollar sales have benefitted from the stronger dollar.
“However this has been more than offset by the impact of the euro on both Zotefoams’ European sales and, in particular, the unhedged translational impact on the company’s balance sheet.”
The company said it expected 2015 to be another year of progress and it was confident about the long-term prospects for the business.
About Zotefoams plc || Zotefoams plc (LSE – ZTF) is a world leader in cellular material technology. Using a unique manufacturing process with environmentally friendly nitrogen expansion, Zotefoams produces lightweight foams in Croydon, UK and Kentucky, USA for diverse markets worldwide through its global sales force. Zotefoams also owns and licenses patented MuCell® microcellular foam technology from a base in Massachusetts, USA to customers worldwide and sells T-Tubes® advanced insulation systems made from its patented ZOTEK® fluoropolymer foams.
ZOTEK® is a registered trademark of Zotefoams plc. MuCell® is a registered trademark of Trexel Inc. T-Tubes® is a registered trademark of UFP Technologies Inc
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