UK: Superglass Holdings plc, an independent UK manufacturer of glass wool mineral fibre insulation products, has announced that sales in the first half of its fiscal year, which ended 29 February 2012, were significantly ahead of the first half of the preceding fiscal year. Despite the improvement the results were still behind the company's own forecast. The company said that it expects the second half of the fiscal year to be significantly better than the first half, with increased volumes, increased selling prices and the benefits of sales specification activity taking effect.
Superglass said that financial difficulties prior to its successful recapitalisation impacted trading adversely during the period under review, but that a shortfall in sales has been partially mitigated by lower costs. The board reviewed the progress achieved in the three months since the recapitalisation as 'satisfactory.'
On 21 February 2012 Superglass announced that its Finance Director, Tony Kirkbright, had resigned with immediate effect following the company's successful recapitalisation. The company board has started the process of recruiting his replacement. In the meantime David Wilton has been appointed as a consultant. He will report to board on the financial affairs of Superglass on an interim basis.
The company also said that it was still too early to assess the real impact of the transition the UK's new environmental policy, the Green Deal, which takes effect at the beginning of 2013.
