Zotefoams says sales meeting expectations

Zotefoams, which manufactures and sells high-performance foams, said on Wednesday its business has continued to perform in line with expectations following sales growth in 2012.

Ahead of preliminary results for the year ended December 31st 2012, the company said it expected an annual sales growth of 6%.

The firm also reported an 8% increase in fourth quarter sales, compared to the same period the year before.

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The high-performance polymers (HPP) business accounted for half the sales increase for the year. Results were also driven by sales in the Azote polyolefin foams business, which climbed 3%.

"The board therefore remains confident of an outcome for 2012 in line with market expectations," the company said in a statement.

Zotefoams gained 0.25% to 203.50p at 9:37 following the trading update. Annual results will be released on March 5th.

RD