Zotefoams plc (LON:ZTF), a world leader in cellular materials technology, has provided a trading update for the nine months ended 30 September 2023 and in respect of its financial year ending 31 December 2023.
Notwithstanding the challenging economic backdrop, the Group has continued to deliver a resilient performance, with year-to-date sales at a similar level to the comparative period of 2022, benefiting from a modest currency tailwind.
As anticipated, third quarter sales were lower year on year, reflecting subdued demand in most Polyolefin Foams markets, together with lower economic activity in China and an inventory adjustment in the supply chain to Nike. Against this backdrop, the Group continues to take effective pricing, cost and capacity management actions, which have enabled the business to remain agile and respond quickly to the volatility in demand dynamics.
