UK’s Zotefoams confident of full-year financial outcome

24 October 2011 10:00  [Source: ICIS news]

SINGAPORE (ICIS)--UK-based foam producer Zotefoams said on Monday it remains confident about its business outcome in 2011, following the strong sales of its polyolefin foams and buoyant demand seen in the third quarter of this year.

“The profit for the [third] quarter benefitted from the increased sales activity,” Zotefoams said in its interim management statement for the third quarter ended 30 September this year.

The company did not disclose the financial details for the period in the statement.

“The high raw material prices and supply disruptions reported in the first half of the year have eased, although they did partially offset the benefit of the high sales activity in the period,” the statement said.

Zotefoams’ sales of polyolefin foams continued in line with the strong growth experienced in the first six months of 2011, the company said.

The foams producer’s revenues from the firm’s polyolefins foams segment rose by 11% year on year to £20.7m ($32.9m) during the January-June period.

“Currently, we are experiencing strong demand and an order book, which extends into early 2012, the statement said.

“The board therefore remains confident about the outcome for the year,” the company added.

($1 = £0.63)

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By: Nurluqman Suratman

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