4th Sep 2013 10:00
LONDON (Alliance News) - Glass-and-fibre insulation company Superglass Holdings PLC said Wednesday that its results for the financial year are in line with market expectations.
Superglass also said Chief Financial Officer Allan Chow has resigned for personal reasons, and said it was looking for a replacement. Chow will continue in place until a departure date is confirmed, Superglass said.
Sales volume were volatile over summer and overall market demand remained weak, especially in the retrofit market, Superglass said in a trading update. It said the uptake of insulation measures under the UK Green Deal initiative remains very low. It also warned that it had not yet seen any sustained increase in demand from other primary-market channels.
Gross cash balances at August 31 were approximately GBP8.0 million and net cash balances were GBP5.5 million, which Superglass said were comfortably ahead of expectations.
Superglass said it expects to announce its full results for the financial year ended 31 August 2013 on November 19.
Shares were trading down 8.5% Wednesday morning at 42.08 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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