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16 Jan 2012 07:00
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For immediate release 16 January 2012
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Superglass Holdings PLC
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("Superglass" or "Group")
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Interim Management Statement
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Superglass Holdings PLC, the UK's leading independent manufacturer of glass mineral fibre insulation products will hold its Annual General Meeting at 10.00am today at which the following statement will be made by Tim Ross, Chairman of Superglass. This comprises the Group's Interim Management Statement for the period from 1 September 2011 to 16 January 2012.
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"Trading in the year to date is in line with management expectations. Results in the early part of the financial year were impacted by the uncertainty surrounding the Group's financial position but, following the successful completion of the recapitalisation on 2 December 2011, the Company now has the balance sheet strength to implement its restructuring and strategic development plans.
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There were encouraging signs of improvement in CERT activity towards the end of the first quarter, and recent, more attractive offers from energy suppliers to stimulate demand are welcome. However, we remain cautious about this market channel and continue to work on broadening our routes to market.
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In new build construction our sales have grown significantly in the last two years. Activity in this segment slowed in the first quarter and our aspiration for the year is to consolidate historic gains.
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Input cost pressures continue with energy costs rising significantly during the period. We will have a clearer picture on trends in sales pricing when we report our interim results.
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Early progress on our investment programme is in line with the project brief, with the planning stages already substantially completed. Completion of the full programme is scheduled for March 2013 and will deliver operating cost savings of up to Β£3.6m which will start to impact meaningfully in the 2012/13 financial year.
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Now that the Company's financial position has been secured, and having served as chairman since IPO in 2007, I intend to step aside as soon as a new chairman has been identified. I anticipate that the Board will be in a position to announce my successor in the next few weeks. "
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ENDS
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For further information, please contact:
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Superglass Holdings PLC | Β |
Alex McLeod, Chief Executive Officer Tony Kirkbright, Chief Finance Officer Β | 01786 451 170 Β |
Β Buchanan Communications | Β |
Diane Stewart, Tim Anderson, Carrie Clement Β | 0207 466 5000 / 0131 226 6150 |
Brewin Dolphin Limited | Β |
Sandy Fraser | 0131 225 2566 |
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