SPGH.L Regulatory News (SPGH)

17 Jul 2009 07:00



Superglass Holdings PLC

Interim Management Statement 

Board Changes

Superglass Holdings PLC (the "Company" or "Superglass"), one of the UK's leading manufacturers of glass mineral fibre insulation products today issues its Interim Management Statement covering the period from 1 March 2009 to date.

Superglass also announces the appointment of Alex McLeod as Chief Executive with effect from 1 November. John Smellie, the current Chief Executive will retire from the Board on 31 December. 

The Company also announces the appointment of David Gray as an additional non-executive director with effect from 27 July 2009.

Interim Management Statement

We are pleased to confirm that trading continues to be broadly in line with management expectations.

Whilst Superglass' trading environment remains very competitive, we are now seeing sustained demand for our products at increased levels through the Carbon Emissions Reduction Targets programme ("CERT"). Trading outside the CERT programme continues to be difficult and in the UK there is still significant pressure on pricing. However, we are proactively managing our cost base, remain highly cash generative and continue to make debt repayments on schedule.

Board Changes

The Board is delighted to announce the appointment of Alex McLeod as Chief Executive with effect from 1 November. He has spent the majority of his career with BPB plc, now part of Saint Gobain the world leader in the supply of plasterboard and gypsum plasters and a major supplier of insulation, ceiling tiles and related products. Originally qualifying as an accountant and holding a number of senior financial positions with BPB, he subsequently moved into general management. Until recently he was Managing Director of St Gobain's glasswool manufacturing operation in Cheshire, one of only two manufacturing competitors of Superglass in the UK. Over a five year period he led that business to record levels of profitability and return on investment. 

We are also pleased to announce that the Board is to be further strengthened by the appointment of David Gray as an additional non-executive director. Previously a partner with KPMG he spent six years as Managing Director of Caledonian Paper plc and was an executive director of Scottish and Southern Energy and DTZ Holdings and has been a non-executive director of West of Scotland Water and F & C Asset Management. His current directorships include Scottish Water and Romag Holdings plc. David will chair Superglass' Remuneration Committee.

There are no details that are required to be disclosed under paragraphs 9.6.13(2)-(6) of the Listing Rules of the UK Listing Authority for either Alex McLeod or David Gray respectively.

Tim Ross, Chairman commented: "I am delighted to announce the appointments of Alex McLeod and David Gray. Each brings a wealth of experience which we believe will be invaluable to Superglass as we drive the business forward. 

"I would also like to take this opportunity to wholeheartedly thank John for his outstanding contribution to the development of the Company. Having reached 60, he has decided to retire, after over 24 years service. He played a pivotal role in the foundation and subsequent growth of the company, before leading a management buy-out of the company in 2005 and a successful public flotation in 2007. We are very pleased that he will be working with us to achieve an effective handover to Alex McLeod and wish him all the very best for his retirement."

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