Zotefoams Plc (LON:ZTF), a world leader in cellular materials technology, today provided a trading update for the third quarter ended 30 September 2017.
Zotefoams is pleased to report continued strong trading during the third quarter, maintaining the momentum of organic sales growth experienced in the first half of the year.
· Full year revenues expected to be ahead of market expectations
· Adjusted profit before tax and exceptional items for the year ending 31 December 2017 expected to be at the top end of the range of market expectations
· Group revenue 22% ahead for the third quarter against the comparative period
· Group revenue 24% ahead for the first nine months against the comparative period
In constant currency sales grew 16% in the third quarter following a 14% increase for the first six months of the year. The year-to-date growth has been delivered across all business units, with particularly strong growth in High-Performance Products, during the third quarter.
Management continues to invest in its strong portfolio of growth prospects and to manage the higher growth rates of early stage opportunities. The order book for the fourth quarter gives confidence that the Company will exceed market expectations for Group revenue and therefore, at current foreign exchange rates, the Board expects adjusted profit before tax and exceptional items for the year ending 31 December 2017 to be at the top end of the range of market expectations.
Commenting on the update David Stirling, Group CEO of Zotefoams PLC, said: “We are delighted with the strong organic growth achieved across all business units during the third quarter of 2017. Our ambition is to establish ourselves as the world leader in cellular materials technology in our chosen markets. To achieve this ambition, we are investing significantly in new equipment and enhanced business capability. The Board is confident of another year of positive progress and about the long-term prospects for the business.”
