16th Jan 2009 07:00
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For Immediate Release |
16 January 2009 |
Superglass Holdings PLC
Interim Management Statement
Superglass Holdings PLC ("the Company" or "Superglass"), one of the UK's leading manufacturers of glass mineral fibre insulation products issues the following Interim Management Statement covering the period 1 September 2008 to date, ahead of its Annual General Meeting on Monday 19 January 2009.
We are pleased to confirm that overall trading is in line with management expectations.
In our preliminary results announcement for the twelve months ended 31 August 2008, we said that it would be difficult to predict any immediate recovery in the financial performance of the business whilst global economic challenges persist. However, we also indicated that increased energy prices and a firm commitment from the Government would help drive the demand for glass fibre insulation, particularly in the light of the additional £1bn fuel poverty package announced in September 2008.
Whilst trading conditions outside of the Carbon Emissions Reduction Targets programme ("CERT") remain difficult, Superglass is at last experiencing increased demand for its insulation as a result of the new CERT targets set by the Government. Cost control also remains a key focus for the business going forward.
For further information, please contact:
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Superglass Holdings PLC
John Smellie, Chief Executive
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01786 451 170
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Brewin Dolphin Investment Banking
Andrew Kitchingman/ Sean Wyndham-Quin
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0845 270 8610
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Buchanan Communications
Diane Stewart/ Tim Anderson/ Isabel Podda
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0207 466 5000
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ENDS
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