Zotefoams shares firm on Q1 sales update

Zotefoams says first-quarter sales are ahead of the record achieved in the same period a year ago, propping shares in the cellular material technology specialist up almost 9% on Wednesday afternoon.

“While it is still early in the year and we are mindful of the potential impact of economic conditions we continue to expect 2016 to be another year of progress and remain confident about the long-term prospects of the business," it said in a statement for its annual meeting earlier today.

Zotefoams said activity levels are very high in both market development and investment projects, with additional resources invested to deliver the strong portfolio of opportunities for future growth, adding these utilised its technology in new way.

In Walton, Kentucky, the major investment in global manufacturing capacity was expected to be commissioned in first-half 2017. This timetable was now linked to the delivery of the high-pressure autoclave, which would add about 20% to group capacity.

“Zotefoams Inc. has also placed an order for a second high-pressure autoclave to be delivered approximately six months after the first autoclave,” the company said.