Zotefoams Sees 2010 Profit Topping Market Expectations

1st Jul 2010 08:33

LONDON (Dow Jones)--Foam manufacturer Zotefoams PLC (ZTF.LN) Thursday said it expects its full-year pretax profit to top market expectations, following a better-than-expected performance during its first half. The company didn't say what level of profit it now expects to make. According to FactSet, Zotefoams had been expected to make a pretax profit of GBP4 million. The company remains cautions that trading conditions for the rest of the year may be more challenging, but said sales volumes for its polyolefin foams business increased significantly in its first half--which ended June 30--compared with the same period last year. It said it has seen robust growth in all major markets, with Europe and Asia particularly strong. Revenue from this polyolefin foams part of its business is expected to rise 25% on the year in the first half, boosted by a consistent rise in prices of its polyethylene products, which Zotefoams said are now priced significantly higher than the average for 2009. Sales from its high-performance polymers business are also expected to be well above the comparable period in the half, the company said. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; [email protected] (END) Dow Jones Newswires July 01, 2010 03:33 ET (07:33 GMT)