25th May 2022 11:47
(Alliance News) - Zotefoams PLC on Wednesday said revenue in the first four months of 2022 rose 13% annually, and it will be ahead of market expectations for the full year.
In particular, Polyolefin Foams sales increased by 20%. Volumes have increased by 5%, with the majority of the sales uplift being driven by increased prices. Sales of High-Performance Products rose by 6% and sales of T-Fit insulation products by 18%.
The Croydon, England-based company, which manufactures industrial plastics, was holding its annual general meeting there on Wednesday.
Zotefoams said it is seeing "good demand" but said the "macroeconomic environment remains difficult". Input cost inflation and unpredictable supply chains are rife, Zotefoams warned.
However, it said revenue will be ahead of market expectations for the full year.
Chief Executive Officer David Stirling said: "Zotefoams products are well positioned to deliver benefits to society by saving energy, protecting people and goods and helping our customers make their products using less raw material. The current macroeconomic climate is extremely challenging and I am proud of our team for balancing customer expectations with the cost inflation and supply chain pressures we face as a business."
Zotefoams shares were up 8.7% at 309.76 pence each on Wednesday morning in London.
By Xindi Wei; [email protected]
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