18:00 Tue 02 Jun 2020
Zotefoams PLC - Operational and Trading Update
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Operational and Trading Update
· Maintained operational continuity throughout April and May despite challenging conditions
· Specified in substantial
· Expect overall trading for the second quarter to be in line with Board expectations at the time of preliminary results announced on
· Stronger second half performance expected
· Good liquidity with cash performance in the period since
The health and safety of our colleagues, their families and our business partners has remained our primary concern. The Group is pleased to report that it has established safe working procedures at each of its sites, which has enabled the business to maintain operational continuity throughout April and May. Alongside this, the Group's supply chain has remained resilient, ensuring that
As anticipated and reflecting the disruption arising from the COVID-19 outbreak on a number of markets, demand conditions have been more challenging during April and May. The Group has taken successful action to manage cost and continues to expect overall trading for the second quarter to be consistent with Board's expectations as at the time of the preliminary results announced on
Notwithstanding the more challenging conditions in the short term,
While the backdrop remains too uncertain to provide detailed financial guidance at this time, the Board continues to expect a stronger performance in the second half of the year, underpinned by more resilient demand for High-Performance Products. The current outlook for both footwear and T-FIT® technical insulation products in the second half remains positive, while conditions in the commercial aviation market are expected to remain weak.
As set out in the Group's results for the year ended
Commenting on the update
"We are delighted and proud that
"We remain mindful of the continued level of uncertainty and expect market conditions to remain challenging in the short term. However, this incremental AZOTE® foam order, together with the continued robust HPP pipeline and strong cost management delivered to date, further supports the Board's confidence in the Group's balance sheet strength, its growth strategy and in the long-term prospects of the business."
- Ends -
Enquiries:
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+44 (0) 208 664 1600 |
David |
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IFC Advisory |
+44 (0) 203 934 6630 |
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