By Anthony O. Goriainoff

 

Zotefoams said third-quarter sales fell on subdued demand, and that it expects adjusted pretax profit to be in line with market expectations, with revenue at a level similar to that seen in 2022.

The London-listed materials company said Tuesday that it continues to take pricing, cost and capacity management actions.

The company said lower economic activity in China and an inventory adjustment in the supply chain to Nike also hurt sales.

The company said that despite the challenging economic backdrop its performance has been resilient and that year-to-date sales are at a similar level as the year before as it benefited from a modest currency tailwind.

"The group is delivering on its strategy to drive efficiencies and generate an enhanced sales mix in its foams business units, and we anticipate a strong final quarter to the year and good underlying growth in profitability in this part of the group, despite lower economic activity and destocking in many markets recently," Chief Executive David Stirling said.

 

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

 

(END) Dow Jones Newswires

November 07, 2023 03:22 ET (08:22 GMT)

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