Displaying items by tag: UK
Superglass Holdings sales down 22.5% in fiscal 2013
21 November 2013UK: Superglass Holdings reported that its revenue fell by 25% year-on-year to Euro29m in its financial year that ended on 31 August 2013. In the UK-based mineral wool producer's preliminary results statement, chief executive Alex McLeod conceded that the company had faced 'extremely challenging trading conditions'.
"The transition from CERT to ECO/Green Deal has caused a major gap in activity within the retrofit market for both loft and cavity insulation. Combined with abnormally low levels of house-building activity in the UK by historical standards of new unit construction despite recent early signs of recovery, the net effect has been a surplus of UK-based insulation manufacturing capacity and highly competitive market conditions," said McLeod. In Superglass' fiscal 2013 its operating loss grew to Euro13.2m from Euro2.98m in the fiscal 2012.
Both McLeod and chairman John Colley highlighted Superglass' capital investment programme, Project Phoenix, which delivered cost savings in reduced energy consumption and waste of Euro3.36m in the 2012 – 2013 financial year. Superglass expects revenues to recover slowly in 2014.
Superglass says 2012 - 2013 financial year meets market expectations
05 September 2013UK: Superglass Holdings has reported in a period-end trading update that its financial year that ended on 31 August 2013 was in line with market expectations.
The mineral wool producer reported that sales volumes had been volatile throughout the summer of 2013 and overall market demand remained depressed, especially in the retrofit segment where the uptake of insulation measures under the Green Deal initiative remained very low. Insulation measures completed in 2013 under the Green Deal and the Energy Company Obligation (ECO) combined are running at between 80% and 90% below 2012 levels.
Superglass also announced the resignation of its Chief Finance Officer, Allan Clow, and the appointment of Declan George Billington as a non-executive Director.
Zero landfill from UK Knauf Insulation facilities
21 August 2013UK: Knauf Insulation has announced that from August 2013 all four of its UK manufacturing plants will send zero waste to landfill.
The achievement marks a significant milestone in the manufacturer's sustainability journey, in which it is constantly developing its products and processes to contribute towards greener and more energy efficient environments.
At its glass mineral wool sites in St Helens (where the company's headquarters are also based) and at Cwmbran in Wales, Knauf Insulation has introduced a number of measures to divert both production and office-generated waste. Baled glass wool waste is re-used by a ceiling tile manufacturer, while mixed glass wool and incidental packaging waste is collected by a recycling partner and re-processed for use as underground bedding.
Other waste is segregated at source to enable efficient recycling. A 'Bin the Bin' campaign was introduced as part of EcoWorks, an employee initiative designed to encourage best practice techniques and education around sustainable behaviour. Clearly marked recycling bins, desktop recycling folders and skips for cardboard and polythene have been distributed throughout the facilities, so that the waste can then be collected and recycled.
Kevin West, Health, Safety, Security and Environmental Manager at Knauf Insulation's St Helen's plant, commented, "As the UK's leading insulation manufacturer and the third largest manufacturer of insulation in the world, we take our social and environmental responsibilities seriously. True sustainability is about much more than simply producing 'green' products. It must be an integral part of the business, which is what we have sought to accomplish with our waste management strategy. Reaching zero waste to landfill is a fantastic achievement and is a clear demonstration of Knauf Insulation's commitment to improving our environmental performance."
SIG expects H1 profit to fall
19 July 2013UK: Building materials supplier SIG expects its profit for the first half of 2013 to fall year-on-year due to the extended winter, according to a trading update. In the first half of 2012 SIG reported a profit before tax of Euro41m. In the first half of 2013 it is likely to be Euro34 – 36m. The company plans to reduce costs to support full-year profit.
SIG reported that in mainland Europe sales per day fell by around 4% in constant currency. Sales in the UK more than halved, falling by around 1%, due to the end of the Carbon Emissions Reduction Target (CERT) scheme and the slow start of the Green Deal.
"There are signs that market conditions are starting to improve in the UK, although construction activity in mainland Europe remains weak," said SIG in its report.
UK Green Deal risks overheating
08 July 2013UK: Experts have warned that the UK's Green Deal scheme to promote higher levels of insulation in buildings could inadvertently generate potentially lethal overheating in some residences.
Researchers from Loughborough University and the University of Reading have highlighted that Green Deal-inspired changes may be unsuitable for top-floor flats (especially in 1960s constructions) and modern detached houses. In both cases, southerly aspects could add even more to summer temperatures, creating potentially unbearable conditions for occupants.
Speaking to the BBC's website, Professor Chris Goodier of Loughborough University said that it was 'vital' that the UK improved insulation in its housing stock for the sake of lower fuel costs and carbon emissions, but said that the 'big rush to insulation and make homes airtight' risked overheating.
"Overheating is like the little boy at the back of the class waving his hand," he told the BBC website. "It is forgotten about because the other challenges are so big."
Goodier, along with Professor Li Shao of the University of Reading, said that the elderly were among the most at risk of overheating effects as they are more likely to remain indoors during the day and are more susceptible to the effects of extreme temperatures.
The Department for Energy and Climate has now said that it has issued new guidelines regarding overheating to its Green Deal partners in the insulation industry.
The Green Deal has come in for much criticism in the UK since it launch at the start of 2013. The scheme targets the insulation of 14 million homes by 2020 but so far only 38,259 assessments have been carried out. Of these, only 241 homes have committed to proceeding with the installation of insulation.
UK: Superglass Holdings PLC (SPGH.LN), an independent UK manufacturer of glass wool and mineral fibre insulation solutions, has said that current trading conditions continue to be extremely challenging and it plans to explore options to strengthen the company's balance sheet, including a further equity issue.
Superglass said that the company continues to operate within the terms of its bank facilities and its bankers continue to be supportive. However, debt amortisation payments are due to resume in November 2013 and Superglass is scheduled to repay Euro9.5m of debt over the three years to November 2016. It warned that, as long as market conditions remain as they are now, these debt service obligations will become unsustainable.
Superglass said that the delays in the recent transition from CERT standards to the new Green Deal framework had caused a major gap in activity within the retrofit market for both loft and cavity insulation. This, combined with abnormally low levels of housebuilding activity in the UK by historical standards, has caused a surplus of UK insulation capacity and highly competitive market conditions. This, Superglass said that this was detrimentally impacting the company's operating profit and cashflow.
UK Green Deal launches
28 January 2013UK: The UK's energy-efficiency scheme, the Green Deal, has been launched. The scheme gives homeowners and businesses the option of paying for energy efficiency improvements such as insulation and new heating systems through an unsecured loan that is added to their electricity bill. The scheme aims to cover the cost of the improvements by the reduction in consumers' energy bills.
"More and more families are being hit by the rising cost of fuel bills and the best way people can protect themselves from increased costs is to use less energy. This is where the Green Deal comes in, giving people a whole new way to pay for energy saving home improvements," said Energy and Climate Change Secretary Edward Davey.
The Green Deal includes 45 different types of improvements to help people warm up their homes and pay for some or all of the improvements over time through their electricity bill. According to government statistics 8m households in the UK could benefit from solid wall insulation and 4m households could benefit from cavity insulation. It is expected that 60,000 jobs will be supported in the insulation sector by 2015, an increase of 26,000 in 2011. Euro4.1m of funding is to be spent on training in 'key' Green Deal skills.
Among others the Green Deal has been criticised by the environmental group Friends of the Earth for containing 'significant' flaws such as the interest rate on the loans offered. However, the Friends of the Earth did support the scheme's Cashback Scheme that makes Euro146m available to householders without them having to make any borrowings.
Superglass reports cost savings on track amidst sales pressure
14 January 2013UK: Superglass Holdings plc, a Stirling, Scotland-based manufacturer of glass fibre insulation, has reported in an interim management statement covering 1 September 2012 to 14 January 2013 that the first phase of Project Phoenix, its capital investment programme, remains on budget and is on track for completion during the first half of 2013.
Estimated annualised cost savings from the programme have increased from Euro4.33m to Euro6.02m, with the first full year of savings expected in 2013-2014. The increase in savings is mainly due to the installation of new fiberising technology. One of the company's newly installed production lines is now running at full capacity and the second line scheduled to be upgraded in the spring of 2013. However, upgrading each line will incur 'significant' costs as a result of six weeks production downtime.
Sales volumes for the period have been steady but a stronger than anticipated demand for volume commodity products has had a negative impact on average sales prices. Overall market conditions are also affecting prices. Input costs have remained under pressure, particular as energy costs continue to rise.
Superglass remains cautious about the UK Green Deal and it continues to work on broadening its routes to market. Volumes are likely to reduce with potentially slow start-up of the Green Deal scheme.
PipeHawk wins contract with Kingspan for production line
13 September 2012UK: PipeHawk, a provider of advanced engineering solutions, has announced that its OM Systems subsidiary secured a contract with Kingspan to deliver a complete new production line, worth over Euro1.25m. The project comprises the provision of a turnkey automated production line to one of Kingspan's UK facilities and will be delivered during 2012-2013 financial year.
Superglass prepares for weak H2
23 July 2012UK: Superglass Holdings plc, a Stirling-based manufacturer of glass fibre insulation solutions, has announced that its performance in the second half of the year ending 31 August 2012 will be below its first half performance due to extremely challenging market conditions. The company also reported the appointment of Allan Clow as its new finance director.
According to a trading statement, business in the second half period has been disappointing and demand in the market is subdued. Sales through CERT (Carbon Emission Reduction Target) related activity have been particularly disappointing. Net sales in the second half of the current financial year are lower than anticipated in the interim report as reported in April 2012 and will be below the level reported for the first half of the year ending 31 August 2012. Average daily sales tonnages have declined since a relatively strong performance in March 2012. Financial performance has also been adversely affected by a short-term increase in overhead costs incurred as a result of the turnaround process.
Meanwhile, cost reduction at the company remains focused on Project Phoenix, a capital investment programme that was central to the refinancing completed in December 2011.