Superglass loss widens as revenue drops

The manufacturer of glass fibre insulation solutions said its pre-tax loss was £9.4m compared with £6.8m in the same period last year.

Revenue fell to £20.8m from £23.5m, reflecting a planned reduction in Eastern European exports and further deterioration in activity from government-sponsored schemes.

However, volumes from UK construction markets were up 9% thanks to an increase in new house building and the company said it was planning to raise prices in February, having pushed through a “substantial” increase in UK selling prices in March.

Chairman Mark Cubitt said: "Superglass continues to execute the strategic plan presented to shareholders in 2014 and has successfully reconfigured the manufacturing plant into a reduced capacity, more flexible and lower cost facility.

We have a new management team in place, the public endorsement of our largest shareholder, an increased focus on innovation and new product development, a number of new products recently launched, further cost savings still to be delivered and additional selling price increases announced for early 2016. As a result, the group is in a stronger position to make real progress in the months ahead than has been the case for many years."

At 1116 GMT, shares were down 5.4% at 2.36p.