Superglass warns on challenging market and cost pressures

Superglass, a manufacturer of glass mineral fibre insulation products, has warned shareholders that market conditions in the UK continued to be 'extremely challenging' and 'remain difficult to predict' and said a stronger than anticipated demand for volume commodity products has had a negative impact on its average sales price.

Superglass, a manufacturer of glass mineral fibre insulation products, has warned shareholders that market conditions in the UK continued to be 'extremely challenging' and 'remain difficult to predict' and said a stronger than anticipated demand for volume commodity products has had a negative impact on its average sales price.

The firm added that overall market conditions are also affecting prices.

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.

In a statement made at the annual general meeting, the Chairman, John Colley said: "Input cost pressures persist with energy costs continuing to rise during the period. Superglass manages its working capital effectively and, despite the challenging market conditions, our net debt position continues to be better than management expectations."

He added: "The board remains focused and is making good progress in meeting its strategic objectives of migrating Superglass into a lower cost, higher quality producer of glass fibre insulation solutions with an emphasis on selling its products through broader routes to market, an enlarged customer base and a more comprehensive range."

Advertisement
Advertisement - Article continues below

The share price fell 6.12% to 5.75p by 13:25 on Monday.

NR

Advertisement

Recommended

Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020
Visit/investments/stocks-and-shares/share-tips/600636/class-acts-going-cheap-buy-into-europes-best
Share tips

Class acts going cheap: buy into Europe’s best bargains

Value investing appears to be making a comeback, while shares on this side of the Atlantic are more appealing on metrics such as price/earnings ratios…
16 Jan 2020

Most Popular

Visit/investments/property/601065/what-does-the-coronavirus-crisis-mean-for-uk-house-prices
Property

What does the coronavirus crisis mean for UK house prices?

With the whole country in lockdown, the UK property market is closed for business. John Stepek looks at what that means for UK house prices, housebuil…
27 Mar 2020
Visit/personal-finance/mortgages/601045/coronavirus-what-it-means-for-your-mortgage-or-your-rent
Mortgages

Coronavirus: what it means for your mortgage or your rent

Ruth Jackson-Kirby looks at all the key questions for owners, renters and landlords affected by the coronavirus crisis.
29 Mar 2020
Visit/economy/small-business/601073/furlough-what-does-it-mean-and-how-does-it-affect-me
Small business

Furlough: what does it mean and how does it affect me?

Many companies have “furloughed” employees after they have shut down because of the coronavirus. But what does furlough mean and how does the scheme w…
30 Mar 2020
Visit/investments/stockmarkets/601068/buy-stocks-for-the-long-term-but-buy-very-carefully
Stockmarkets

Buy stocks for the long term, but buy very carefully

After the wild ride of the last couple of weeks, equities are no longer expensive. But if you do decide to buy, be very, very careful indeed, says Mer…
30 Mar 2020