Superglass seeks to cut costs further

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Insulation manufacturer Superglass said today that it would introduce new technology to improve the quality of its product and save £1.4 million a year after results showed profits shrank by three quarters last year.

The technology is being introduced as part of the “Project Phoenix”, which saw the firm raise £8m from investors and convert more than £12m of debt into shares.

The Stirling-based firm maintained its revenues at £32.4m in the year to the end of August, exactly the same as last year despite a 3 per cent rise in sales volumes through “broader routes to market and an expanded customer base”.

Profit before tax and other adjustments was reported as £400,000, down from £1.6m the year before.