month=01
year=2010
15 January 2010
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For immediate release
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15 January 2010
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Superglass
Holdings PLC
(“Superglass”
or “Company”)
Interim
Management Statement
Superglass Holdings PLC, the UK’s
leading independent manufacturer of glass mineral fibre insulation products
will hold its Annual General Meeting later today at which the following
statement will be made. This comprises the Company’s Interim Management Statement
for the period 1 September 2009 to 14 January 2010.
Trading in the
current financial year to date has been in line with the Board’s expectations
and we remain confident in the outlook for the remainder of the year.
New initiatives,
such as the Superdad campaign, are beginning to bring benefits. The Company has
successfully broadened its customer base by securing new business with a
leading independent builders’ merchant buying group and is also beginning to
see the benefits of reduced energy costs. We remain highly focused on
delivering efficiency improvements and reducing input costs.
The Company has
reduced net debt by a further £1.1m since its 31 August 2009 financial year end
and is highly focused on cash generation, which together with strong working
capital management has enabled it to operate comfortably within banking
covenants.
As we anticipated
in our preliminary results announcement for the year ended 31 August 2009,
markets have remained challenging. The residential carbon saving market, driven
by the CERT programme has continued to slow as funding from energy retailers
has been restricted. The recently announced ending of direct mail out of light
bulbs from 1 January 2010 will bring some benefits, and the 20% uplift in the
value of the scheme will favour insulation.
It is hoped that consultation on the uplift will be completed before the
forthcoming general election to encourage release of funding which we would
expect to generate higher insulation volumes in the final quarter of 2010. Outside CERT, short term demand is difficult
to predict, non residential activity remains weak, but signs are positive from
the new build housing sector.
ENDS
FOR
FURTHER INFORMATION, PLEASE CONTACT
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Superglass Holdings plc
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Alex McLeod, Chief Executive
Tony Kirkbright, Chief Finance
Officer
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01786 451
170
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Buchanan Communications
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Diane Stewart/ Tim Anderson/ Carrie
Clement
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0207 466
5000
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Brewin Dolphin Investment
Banking
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Andrew Kitchingman / Sean
Wyndham-Quin
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0845 213
4730
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