LONDON (ShareCast) - Foam maker Zotefoams (LSE: ZTF.L - news) remains on track to meet targets this year despite sales tumbling 20% in
the first half of 2009 compared with the previous six months.
Sales in the Polyolefin foams business have benefited from the impact of a weaker sterling, raw material have remained at levels significantly lower than the average price during 2008.
"HPP (high-performance polymers) sales are well above the levels experienced at this point last year, with increased shipments to the aviation industry," the firm added. "Timing of revenues remains uncertain but growth prospects from this segment are very exciting."
There were one-off costs taken in the first half, particularly in respect of redundancies, Zotefoams said, but it expects the benefits to be realised in the second half of the year.
"Overall, the company is trading in line with expectations and the board remains confident of the company's future prospects," the statement concluded.
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
