2nd Nov 2015 10:05
LONDON (Alliance News) - Zotefoams PLC on Monday said it experienced continued sales growth in the third quarter of 2015 and is confident about the long-term prospects of the business, as it appointed Non-Executive Director Steve Good as chairman designate.
The cellular material technology company said third-quarter sales growth was driven by a strong performance in Polyolefin foams. Sales in high-performance products were similar to the strong third quarter of 2014, with further revenue growth expected in the final quarter, particularly from T-Tubes insulation products.
Revenue growth from MuCell Extrusion LLC, the company's technology licensing business, also is expected to be more strongly weighted to the final quarter due to timing of equipment shipments to licensees, Zotefoams said.
Meanwhile in Walton, Kentucky in the US, its major investment to increase global manufacturing capacity is anticipated to commence manufacturing in the third quarter of 2016.
"The business is trading well and we have strong order books in all three of our business units for the final quarter of this year. Whilst being mindful of the potential impact of economic conditions the company continues to expect 2015 to be another year of progress and remains confident about the long-term prospects for the business," Zotefoams said in a statement.
Zotefoams added that Good has been appointed as chairman designate with immediate effect, in preparation for the retirement of current Chairman Nigel Howard on March 31, 2016.
"We are delighted that Steve is stepping into the role of chairman designate and look forward to his continued support and guidance at the helm of the company," Chief Executive David Stirling said in a statement.
Shares in Zotefoams were trading up 0.7% at 355.00 pence Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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