09 January 2012 10:04 [Source: ICIS news]
LONDON (ICIS)--UK-based foam producer Zotefoams said on Monday that its sales for the year ending on 31 December 2011 grew by approximately 9% compared with the previous year, mainly driven by an increase in volumes.
Zotefoams said in a trading update that in 2011 the average price of low density polyethylene (LDPE), its major raw material, was approximately 13% higher than in 2010, but the rise in selling prices and cost management had maintained margins.
“The business has once again performed in line with our expectations,” the company said.
Sales of Zotefoams’ polyolefin foams for 2011 were around 10% higher than in 2010, while high-performance polymer sales were marginally below the levels recorded in 2010, "with underlying growth in 2011 replacing a large one-off aerospace programme completed in the prior year", it said.
In October last year, Zotefoams said it remained confident about its business outcome in 2011, following strong sales of its polyolefin foams and buoyant demand seen in the third quarter.
Zotefoams will announce its preliminary results for the year ending on 31 December 2011 on 6 March.
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