14th Jan 2016 08:53
LONDON (Alliance News) - Cellular material technology company Zotefoams PLC on Thursday said its 2015 results met its expectations following good growth in sales in the second half, though the group said the start-up of manufacturing at its new facility in the US will be delayed.
Zotefoams said its sales in the second half rose 13% year-on-year, meaning its sales for the full year will be up around 10%.
Sales for Polyolefin foams rose 7.0%, hit in part by adverse exchange rate movements, but high-performance products sales rose 24%. MuCell Extrusion, the company's technology licensing arm, has cut its average conversion cost for its customers, making its technology more attractive to potential clients, Zotefoams said. It increased its overall installed customer base 69% over the course of the year.
Zotefoams added it is expanding its manufacturing capacity with the opening of a new facility in Walton in Kentucky, but delays to a major piece of equipment being delivered to the project mean manufacturing from the site will start later than expected. The company, however, said it does not expect any adverse impact on its ability to meet orders due to operational efficiencies it has achieved at its site in Croydon, south London.
Zotefoams will publish its annual results on March 15.
Zotefoams shares were down 3.5% to 323.41 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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