10th Mar 2016 09:31
LONDON (Alliance News) - Superglass Holdings PLC on Thursday said its loss narrowed in the first half of its financial year, as sales volumes declined but prices improved, and it remains confident it will make a profit for the full year.
The company, which makes glass wool and mineral fibre insulation, said its loss before interest, taxation, depreciation and amortisation for the first half to the end of February was GBP500,000, an improvement on the GBP1.9 million loss a year earlier and in line with its expectations.
Sales volumes fell 2.0% in the half, but selling prices rose 4.0%, reflecting a shift by Superglass in its product mix. The firm won several new customers in its contract and merchanting segments and cut product costs by 9.0% per tonne, while distribution costs fell 22%.
Superglass said it remains on track to deliver an Ebitda profit for the full year, in line with its expectations and swinging from a GBP2.3 million loss a year earlier.
Superglass shares were up 11% to 4.29 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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