19th May 2014 08:43
LONDON (Alliance News) - Zotefoams PLC Monday said overall trading in the first four months of 2014 had been in line with its expectations, with good volume growth in its Polyolefin foams business and "strong growth" in its high-performance products unit, but it also warned of a hit from sterling's strength.
"Overall the board continues to expect an improvement in performance in 2014 and remains confident about the long-term prospects for our business," it said in a statement ahead of its annual general meeting Tuesday.
The company said it had been getting increased commercial interest in its technology after Unilever said last month that its Dove body wash bottles in Europe would be made using Zotefoams' MuCell technology.
It added that the average euro price for its main raw material, low density polyethylene, had been flat on the year. The recent strengthening in sterling would benefit its buying of polyethylene in euros, but this would be outweighed by the impact on its foreign currency sales and assets, it said.
Zotefoams shares were down 2.2% at 275 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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