10th Mar 2015 09:13
LONDON (Alliance News) - Superglass Holdings PLC shares dropped heavily on Tuesday morning after the company said it expects to post a loss in the first half after a slow start to its financial year.
The glass wool and mineral fibre insulation manufacturer said it expects to post an earnings before interest, taxation, depreciation and amortisation loss of GBP1.9 million for the first half to the end of February due to a subdued start to trading.
Superglass said demand for its products remained weak, attributing this in part to the "ongoing failure" of the UK government's Green Deal and Energy Company Obligation schemes to "deliver any meaningful volumes". This exacerbated the impact from a weak market backdrop.
The company said it remains "cautiously optimistic" on the outcome for the full year and said it expects its EBITDA loss to turn to profit in the second half.
Superglass also said Alex MacLeod is to step down as chief executive in August in order to pursue other opportunities. The company has started the process of identifying a successor to MacLeod.
Superglass shares were down 24% to 3.05 pence on Tuesday, one of the worst performers in the London Main Market.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
SPGH.L