Zotefoams plc (LON:ZTF), a world leader in cellular materials technology, has provided a positive trading update for the four months ended 30 April 2024, ahead of its Annual General Meeting to be held today.
At this meeting Dr Lynn Drummond, Chair of Zotefoams, will make the following statement:
Trading in the period has been strong, with the Group sustaining the positive momentum seen in FY23 to deliver overall sales growth of 14% and record revenue.
Key movements, against the comparative prior year period, were:
| · | 46% increase in High-Performance Products (HPP) sales: |
| – | Footwear sales grew significantly, with a 44% increase benefitting in part from customer inventory build |
| – | ZOTEK® F foam sales for aviation, space and other technical markets grew by over 100% |
| – | T-FIT® insulation products sales grew by 57% |
| · | 7% decline in Polyolefin Foams sales: |
| – | 2% decline in overall sales volumes, driven by a continuation of subdued demand conditions in certain markets, particularly in continental Europe, which was in part offset by strong volume growth in North America, where the Group is investing in further capacity to support future growth |
