Superglass investment pays off with return to profit
Theresa McLean: ‘springboard’
Glass wool insulation manufacturer Superglass has benefited from a £37 million investment in its manufacturing operations to return to trading profit a year ahead of forecast.
The Stirling-based company turned a pre-tax loss of £1.7m in 2017 to a profit before tax and exceptional items of £564,000 on a 39% increase in revenue to £32.9m.
Growth was driven by a number of contributing factors, including increased sales volume, average selling price growth, and operational cost efficiencies.
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 Superglass’s site at Thistle Industrial Estate in Stirling.
Theresa McLean, chief financial officer for TECHNONICOL UK and Ireland, said: “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% recycled glass and is estimated to save around 300 times the amount of energy used to manufacture it.