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UPDATE 1-Superglass says markets will remain challenging
Wed, 25th Nov 2009 08:13
LONDON, Nov 25 (Reuters) - British insulation products maker Superglass Holdings reported a 30 percent fall in core profits on Wednesday and said trading conditions remained challenging although it continued to generate cash.
Superglass, which makes a range of mineral wool insulation products for the construction industry, said it will pay a final dividend of 0.5 pence per share, giving a total of 1.5 pence for the year to Aug. 31, down from 3.4 pence last time.
Earnings before interest, tax and amortisation (EBITA) fell 30.5 percent to 6.6 million pounds on revenue down 7.3 percent at 38.1 million pounds for the year.
Net debt was down 2.4 million pounds at 21.7 million pounds.
'Trading conditions are expected to remain challenging during 2010,' Chairman Tim Ross said.
'Assisted by an anticipated reduction in input costs, a wider customer-base and continuing environmental initiatives, we enter the new financial year with a strong platform
for recovery.'
The shares closed at 35.5 pence on Tuesday.
(Reporting by Sharon Lindores; Editing by Greg Mahlich) Keywords: SUPERGLASS/
(sharon.lindores.reuters.com@reuters.net sharon.lindores@thomsonreuters.com; +44 20 7542-9937)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Superglass, which makes a range of mineral wool insulation products for the construction industry, said it will pay a final dividend of 0.5 pence per share, giving a total of 1.5 pence for the year to Aug. 31, down from 3.4 pence last time.
Earnings before interest, tax and amortisation (EBITA) fell 30.5 percent to 6.6 million pounds on revenue down 7.3 percent at 38.1 million pounds for the year.
Net debt was down 2.4 million pounds at 21.7 million pounds.
'Trading conditions are expected to remain challenging during 2010,' Chairman Tim Ross said.
'Assisted by an anticipated reduction in input costs, a wider customer-base and continuing environmental initiatives, we enter the new financial year with a strong platform
The shares closed at 35.5 pence on Tuesday.
(Reporting by Sharon Lindores; Editing by Greg Mahlich) Keywords: SUPERGLASS/
(sharon.lindores.reuters.com@reuters.net sharon.lindores@thomsonreuters.com; +44 20 7542-9937)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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