7th Nov 2014 09:16
LONDON (Alliance News) - Cellular material technology company Zotefoams PLC on Friday said it has seen continued sales growth in the third quarter and said it expects to meet expectations for the full year.
Zotefoams said the sales rise seen in the first half continued in the third quarter to the end of September. MuCell sales growth was pushed higher by equipment sales in the period, with sales in the third quarter nearly matching those reported in the entire first half. High-Performance Product sales also jumped in the third quarter, nearly doubling year-on-year.
Polyolefin foams sales were solid in the UK and Europe, flat in North America, and weaker in the Far East, it said, following a strong performance in the first half.
Operating costs for the group increased in the third quarter on the back of investments by the company in people and equipment, and it added the positive sales growth has been held back by adverse currency translation.
Zotefoams said it is currently trading well and has a strong order book for the rest of the year, adding it expects to meet full year expectations.
Zotefoams shares were up 1.9% to 239.00 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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