01 July 2010 10:39 [Source: ICIS news]
SINGAPORE (ICIS news)--UK-based Zotefoams expects sales from its polyolefins foams business in the first half of 2010 to be around 25% higher than in the same period of last year due to higher demand, especially from Europe and Asia, the producer said on Thursday.
The segment posted sales of £14.9m ($22.4m, €18.4m) for the first half of 2009, according to a statement from the high-performance foams maker.
Meanwhile, revenue from the high-performance polymers segment for the first six months was expected to be “well above” the £660,000 in sales reported in the same period of last year, Zotefoams said.
“The forward order book for the second half of 2010 is already at similar levels to actual sales for the comparable period in 2009,” the company added.
Looking ahead, the company said that while trading conditions for the rest of the year were expected to be “more challenging”, its full-year profit before tax was expected to be above market expectations.
Zotefoams recorded pre-tax profits of £2.75m for the 2009 financial year.
($1 = £1.50/$1 = €0.82)
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