15th Jan 2014 11:19
LONDON (Alliance News) - Cross-linked block foams manufacturer Zotefoams PLC Wednesday said that it saw good sales growth in its High-Performance Products and its MuCell Extrusion technology licensing business in the fourth quarter, but for the financial year as a whole expects group sales to fall by around 5%.
In a trading update for the financial year ended December 31 2013, Zotefoams said that while it expects full-year growth in High-Performance Products and MuCell Extrusion, it expects overall group sales to show a 5% decline when compared with 2012, largely due to expected lower levels of shipments of polyolefin foams to Europe.
The group said that the fall was related to inventory adjustments at a single large customer.
It said that overall it expects an outcome for the financial year just ended, broadly in line with management expectations.
The company said that it intends to releases its full-year results on March 18.
Zotefoams shares were down 0.9% Wednesday morning, trading at 171.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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