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Trading statements

Zotefoams says Q1 2017 revenue in line

17 May 2017 09:19

Zotefoams said group revenue for Q1 2017 was in line with management expectations, being about 28% ahead of the comparative period for the previous year and delivering a record sales result for Q1.

"Revenue from Polyolefin foams increased by 6% at constant currency with capacity improvements, following recent investments, allowing us to meet increased demand levels," the company said.

"High Performance Products sales benefited from increased demand for ZOTEK PEBA, while the high-value MuCell equipment contract, delayed from 2016, shipped in the quarter.

"At constant currency, overall revenue growth was around 16% ahead of the comparative period for the previous year."

It said that, in Walton, Kentucky, US, the previously delayed high-pressure autoclave was delivered and passed its final acceptance testing in April this year.

"The business is working hard to complete the project and is now anticipating a start-up around the end of the third quarter. Once operational, this investment will deliver approximately 20% additional global capacity.

"While it is still early in the year, and we are mindful of the less stable political and macroeconomic environment, we continue to expect 2017 to be another year of progress and remain confident about the long-term prospects of the business."

At 9:19am: (LON:ZTF) Zotefoams PLC share price was +17p at 307p

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