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Insulation company reports soaring profit.

Byline: JOHN ROWBOTHAM

Stirling-based glass wool insulation manufacturer Superglass has returned to trading profit a year ahead of forecast.

Revenue increased from PS23.6 million in 2017 to PS32.9 million in 2018, a 39 per cent increase, while gross profit jumped 22 per cent in 2017 to 37 per cent last year.

According to the Russian-owned company's annual accounts, the trading performance delivered a profit before tax and exceptional items of PS564,000.

A spokesman for the firm attributed the rise in profits to increased sales volume, price rises and efficiency savings.

Superglass's facility, at Thistle Industrial Estate, Springkerse, currently has a workforce of 180 and is in the process of a major PS37 million redevelopment.

A 187-tonne furnace, curing ovens, cooling, cutting and milling equipment are being replaced and an automatic packing system is being installed.

Once complete, the work will double production capacity to 60,000 tons annually.

Despite the ongoing improvement programme, Superglass exceeded its forecast to break even in 2018 to record a profit.

In 2016, Superglass joined the TECHNONICOL group of companies, the largest manufacturer of construction materials in Russia and Eastern Europe.

It owns 53 manufacturing facilities across the continent, including the Superglass site in Stirling.

Chief financial officer for TECHNONICOL UK and Ireland Theresa McLean said: "The results Superglass achieved in the 2018 financial year are positive. Returning to profit following structural and strategic changes for the business is, however, just the start.

"The latest results provide a springboard for a positive step-change in trading results in the years ahead.

"Demand for glass wool insulation continues to be very strong both domestically and in export markets, and with the major manufacturing investment we're making in the Stirling site, Superglass is set to double its production output capabilities and capitalise on the opportunity.

"Despite political uncertainty, the appetite for the premium insulation solutions that we offer is expected to continue. We have solid foundations from which to continue to build the successful Superglass brand for years to come."

Glass wool insulation produced by Superglass is made from up to 84 per cent recycled glass and estimated to save around 300 times the amount of energy used to manufacture it.

Superglass was formed in 1987 and floated on the London Stock Exchange in 2007 before its PS8.7 million acquisition in 2016 by TECHNONICOL, the conglomerate half owned by Russian billionaire Sergey Kolesnikov. At the time Superglass employed 150 at the Springkerse site which is now the regional headquarters for TECHNONICOL's Western European and North American businesses.

CAPTION(S):

Springboard Chief financial officer Theresa McLean

Improved performance Profits on the rise at Superglass

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Publication:Stirling Observer (Stirling, Scotland)
Article Type:Financial report
Date:May 10, 2019
Words:439
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