PRICE ABOUT 160p. 27 feb 2008

Up 20% on the day. Would be good if it can get back to the 50p to 60p trading range it was in summer of last year, some consolidation again there to strengthen, would be good.

http://www.theherald.co.uk/business/news/display.var.2504871.0.superglass_in_upbeat_mood.php

Superglass in upbeat mood

TIM SHARP - City Editor April 29 2009

Managers at Stirling-based insulation manufacturer Superglass think a bottoming of its market is looming after it posted a pre-tax loss of 200,000 for the first half of its financial year in "the most challenging conditions the group has experienced".

Superglass managing director John Smellie said: "If it has not bottomed it has not got (much) further to go."

The fibreglass insulation manufacturer saw turnover tick down from 20.5m last year to 20.1m, over the six months to February 28 as it continued to suffer from a lacklustre housebuilding sector.

Competition reduced prices even in its fallback markets in continental Europe.

One positive for the company, which employs 180 staff, has been the expansion of the government's Carbon Efficiency Reduction Target (CERT), under which utilities have to improve home energy efficiency. The government allocated an additional 1bn of funding to the scheme last year.

Smellie said: "The (CERT) market has certainly picked up significantly and we antici- pate in the autumn there is going to be a bit of a step change when more funding becomes available."

Despite the headwinds, strong cash generation enabled Superglass to announce an interim dividend of 1p per share, albeit down from 1.7p last year, and the company's broker is tipping it to match last year's full-year payout of 3.4p a share.

The upbeat tones lifted its shares yesterday by 1.25p or 5.3% to 25p, more than twice the all-time low of 12.25p it reached earlier this month.

Less than two years ago it floated at 180p a share.

The company has faced pressure from high utility costs, a situation exacerbated by fixing its tariffs at the peak of the market last summer.

It is continuing to refine its fibreglass product in an effort to cut costs. It has moved from using a mix of plate glass and recycled bottles to using only recycled glass. This saves it 250,000 a year as the company benefits from selling on the packaging reclamation notes that reward recycling.

The company has sought to reduce elements such as industrial mineral borax, whose price has remained stubbornly high as other commodities have fallen, It is in talks with a Turkish supplier over a cheaper source.

It is also investigating ways of reclaiming borax from the cathode ray tubes of old televisions.

Smellie is optimistic about the crucial new-build sector, noting that builders are beginning to discuss plans for future projects.

He said: "Things are going relatively well. The housing market has flattened us. CERT being slow to start up was a bit of a pain. But new builds are now slowly going to start being built."

Over the last six months it has cut its borrowings by 1.1m to 23m and the company said it is comfortably within banking covenants.

made 40p

OVER 41p

Another 119p and you'll break even.

Onwards and upwards , 60p first stop.

I like the look of this share as a recovery stock, but the spread of 5p is putting me...and probably lots of others off. The share would have to appreciate by >20% to make any money at all....madness

6p today, that's a long way from the floatation at 180p - DYOR - is the Insulation Market that thin? (Down 45% as Exec consider cost-reduction options) - pity they didn't a year ago, eh? = as "housebuilding" is not really getting anywhere.
Maybe they need nother "use" for their fibres...

No recovery here.