19th Nov 2015 10:41
LONDON (Alliance News) - Glass fibre insulation manufacturer Superglass Holdings PLC delivered a wider pretax loss for the year to the end of August following a tough year for the business, but it is confident it will return to health in the current year.
Superglass said its pretax loss for the year to August 31 widened to GBP9.4 million from GBP6.8 million, hit by impairment and goodwill charges and investments the group has made in the business to boost its production capacity.
Revenue fell 11% to GBP20.8 million from GBP23.5 million, reflecting a planned reduction from its Eastern European export sales and deteriorating activity from UK government-sponsored insulation schemes. Sales to the UK construction market, however, rose 9%, and the group has repositioned in order to focus on this market, which now represents 90% of its sales. It also plans to put prices up again in February 2016, having already enacted a price rise in March this year.
The company said it made progress on improving its production capacity and this will leave it well positioned to benefit from the changes in the current financial year.
"Superglass continues to execute the strategic plan presented to shareholders in 2014 and has successfully reconfigured the manufacturing plant into a reduced capacity, more flexible and lower cost facility," said Mark Cubitt, Superglass's chairman.
Superglass shares were untraded on Thursday, having last traded at 2.37 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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