Stirling insulation maker Superglass returns to profit

The company's manufacturing facility in Stirling is currently undergoing a £37m redevelopment.

Glass wool insulation manufacturer Superglass has announced a return to profit, a year ahead of forecast.

The Stirling-based firm reported a profit of £564,000 before tax and exceptional items last year, as revenue grew by 39% to £32.9m.

Superglass got into financial difficulties before being bought by Russian-owned Technonicol in 2016.

The company said growth had been driven in part by increased sales and "operational cost efficiencies".

Its manufacturing facility at Thistle Industrial Estate is currently undergoing a £37m redevelopment.

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

Superglass said that once complete, the work will double production capacity to 60,000 tonnes a year.

The Technonicol group of companies is the largest manufacturer of construction materials in Russia and Eastern Europe. It owns 53 manufacturing facilities across the continent.

'Positive results'

Technonicol chief financial officer 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 of the journey.

"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.

"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."