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Zotefoams
  • 19 Mar 24
Record year with another exciting year ahead

FY23 sales came in at £127m (flat) with op. profit of £15.1m (+9%). Progress in the core Foams businesses has been remarkable (+23% op. profit) with profitability in Polyolefin recovering strongly and HPP going from strength to strength. ReZorce’s in-store market trial is imminent with 150k cartons currently being prepared for filling. Balance sheet leverage remains comfortable (1.2x net debt/EBITDA) and further progress on ROCE signals value creation (ROCE up 200bps to 14.2% ex ReZorce). FY24 h

Companies: Zotefoams plc

Singer Capital Markets
  • 18 Jan 24
Strong end to the year, c.5% PBT beat

A very pleasing update from Zotefoams with FY23 group sales expected to be £127m, in line with consensus expectations and, reflecting a strong end to the year, adj. PBT is expected to reach £13.1m (+5% YoY), c.5% ahead of our and market expectations. This has been driven by a significant step-up (+21%) in profitability across the foam business units (polyolefin & HPP) reflecting continued progress on mix enrichment, disciplined pricing and operational efficiencies. Ahead of commercial trials in

Companies: Zotefoams plc

Singer Capital Markets
  • 07 Nov 23
In-line Q3 Trading Update; CEO signals retirement

Zotefoams has issued a resilient Q3 update highlighting that the Board expects FY23 adj PBT to be in-line with expectations. Confirmed orders now provide a good level of visibility over the remainder of the year. Whilst FY23 revenues are expected to be at a similar level to FY22, there has been an improvement in overall profitability across its two foam business units, with margins significantly higher than the prior year. Elsewhere, in the MEL business unit, costs are increasing with further in

Companies: Zotefoams plc

Singer Capital Markets
  • 11 Sep 23
Rebuilding ROCE to drive valuation

Despite a flattish PBT outlook in FY23, a simple SOTP, adjusting for significant ReZorce development costs, indicates a c.35% upside to reach our TP of 480p. We see the rebuilding of ROCE as a key catalyst supporting this re-rating and more, and identify the steps towards a potential ROCE target of 20%. This would compare to the FY22 outturn of 10.2% and a high of 18.1% (excluding assets under construction) in FY17. We see good reason to identify Zotefoams as a core SmallCap industrials holding

Companies: Zotefoams plc

Singer Capital Markets
  • 08 Aug 23
Strong interims, confident of in-line FY23

The Group has produced strong interims with revenue and PBT ahead 9% and 30% respectively with benefit from an improved product mix, significant pricing adjustments made during 2022 and favourable exchange rates. Polyolefin and HPP sales were ahead 10% and 11% respectively with overall sales volumes decreasing by 4%, mainly as a result of Polyolefin sales in Europe and the Far East. Excluding the Mucell segment, where good progress is being made with ReZorce’s recyclable barrier packaging techno

Companies: Zotefoams plc

Singer Capital Markets
  • 18 Jul 23
Building momentum with ReZorce JDA

Zotefoams has announced a joint development agreement (‘JDA’) with an unnamed world-leading packer of beverages. This agreement follows successful internal trials and encompasses the further development of Zotefoams’ ReZorce monomaterial beverage carton packaging and its planned use in in-market trials for a major European retailer beginning in early 2024. This is a significant announcement confirming the technical progress that has been made with ReZorce which has the potential to deliver a ful

Companies: Zotefoams plc

Singer Capital Markets
  • 24 May 23
In-line AGM update

Zotefoams has issued a trading update ahead of its AGM today, confirming that it is trading in-line with expectations. The first four months to end April has seen continued year-on-year growth with margins benefiting from prior year price increases, operational efficiencies and a stronger dollar. The general cost environment has eased with LDPE now stable, but still above historic averages, whilst energy prices have also fallen. Further sales growth is expected in the year from HPP products with

Companies: Zotefoams plc

Singer Capital Markets
  • 21 Mar 23
Strong finish to FY22; investing for growth in FY23

Zotefoams has reported record revenue in FY22 of £127.4m up 26% (19% at CER) and an adjusted PBT of £12.5m (FY21: £7.2m), exceeding the ‘not less than £12m’ flagged in January’s trading update. Results were driven by material price increases in Polyolefin Foams, a stronger US dollar and significant increases in High Performance Products (HPP) volumes in Footwear, Zotek F and T-FIT insulation, alongside continued cost inflation. ReZorce, which is transitioning from technical development to pre-m

Companies: Zotefoams plc

Singer Capital Markets
  • 18 Jan 23
A core long-term holding

Zotefoams will have achieved record revenues in FY22 with strong momentum through to year end. A scheduled trading update for 19th January will give final clarity on the outturn where there is potential for further outperformance against our updated forecasts. Challenges remain in FY23, not least from the deteriorating macro-economic picture, but the Group has demonstrated resilience and pricing power and has an established long-term track record of building value. ReZorce has high potential but

Companies: Zotefoams plc

Singer Capital Markets
  • 21 Oct 22
Zotefoams (ZTF) - CEO interview

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zotefoams-ztf-ceo-interview-21-10-2022
  • 13 Oct 22
Trading ahead of expectations

A very positive Q3 update prompts further upgrades to forecasts, following upgrades at the interims in August, indicating that Zotefoams has well and truly turned the corner. The Group has delivered a record Q3 sales performance with revenue 27% ahead of Q3’21. Year to date revenue is c.24% ahead of the prior year. This has been broadly based, with 27% growth in AZOTE (4% volume) and 20% growth in HPP (18% footwear, 22% aviation, 39% T-Fit). The picture on costs shows raw materials pressure easi

Companies: Zotefoams plc

Singer Capital Markets
  • 25 May 22
AGM update – pricing offsetting inflationary pressures

Zotefoams’ AGM update confirms that the Group remains on track to meet full year profit expectations, with good growth in demand and, notably, stronger pricing offsetting inflationary pressures. This is a familiar picture in the current environment. Pricing increases YTD have been significant (contributing up to 15% of the 20% revenue growth in Polyolefin Foams YTD with a further impact to come through following increases in April/May). We increase our revenue forecast to reflect this, but leave

Companies: Zotefoams plc

Singer Capital Markets
  • 20 Jan 22
Important year ahead – margin recovery in focus

After negotiating COVID pressures admirably during FY20, Zotefoams delivered a step-change in revenue in FY21, coming close to £100m for the first time. Frustratingly, margins have been held back by input inflation (energy, raw materials) and the on-cost post commissioning of the Poland factory. These were largely known knowns at the start of the year, but the pressures have been more intense than originally envisaged; the Group has had to run harder to stand still. December’s update, highlight

Companies: Zotefoams plc

Singer Capital Markets
  • 03 Nov 21
Zotefoams - Resilient Trading update

Zotefoams has released a Q3 trading update this morning. In the context of difficult industrial markets and supply chains in Q3 (US industrials have started to miss consensus forecasts and downgrading guidance), we think Zotefoams statement is very robust, highlighting substantial underlying demand and top line momentum albeit mitigated by inevitable supply chain pressures which are being managed very well. We think recent underperformance should reverse. Buy.

Companies: Zotefoams plc

Arden Partners
  • 18 Aug 21
Zotefoams - Earnings Inflection Point

Zotefoams recently reported a strong set of interim results for H1 ‘21 with the stock at an interesting potential inflection point in our view. Robust industrial markets, aviation recovery from 2020 trough, auto volume recovery in 2022, supply chain challenges now reflected in earnings and low capacity utilisation currently suggest to us that medium term earnings power of the Zotefoams business is materially above current levels. While valuation accounts for some growth, it does not adequately

Companies: Zotefoams plc

Arden Partners

Zotefoams plc

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Latest News/RNS

(more news)
Date Source Announcement
19Apr24 07:00 RNS Zotefoams PLC - 2023 Annual Report & Notice of 2024 AGM
19Apr24 07:00 RNS Zotefoams PLC - Exclusivity agreement with Design Blue Limited
12Apr24 16:34 RNS Zotefoams PLC - Notification Of Transactions Of Directors/PDMRs
28Mar24 07:00 RNS Zotefoams PLC - Director/PDMR Shareholding
26Mar24 08:36 RNS Zotefoams PLC - Replacement Notice Transactions Of Directors/PDMRs
26Mar24 07:00 RNS Zotefoams PLC - Group CEO succession
25Mar24 17:58 RNS Zotefoams PLC - Notification Of Transactions Of Directors/PDMRs
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