Superglass calls for clarity on UK Green Deal

LOFT insulation maker Superglass yesterday warned that the UK government needs to outline details of its “Green Deal” plan to boost energy efficiency “as soon as possible” to bring stability to the housing supplies sector.

The Stirling-based firm – which completed a £20 million fund-raising and debt-for-equity swap in December – reported a rise in demand for insulation under the current carbon emission reduction target (Cert) scheme, which ends this year.

But chief executive Alex McLeod said the coalition government now needed to speed up its unveiling of details of the “Green Deal” programme, which will replace Cert.

McLeod said recent announcements from Deputy Prime Minister Nick Clegg on further funding for insulation for vulnerable groups was a positive development, despite some City analysts speculating that there could be less cash for home improvements under the “Green Deal”.

His comments came as Superglass posted a 14 per cent rise in revenues for the six months to 29 February to £17.2 million as demand rose. But the company slumped to a loss of £800,000 after rising fuel and raw material costs took their toll.

McLeod said some costs had been passed on to customers in price rises, but house broker N+1 Brewin cut its rating on the stock to “hold” from “buy”. Shares fell 16.9 per cent or 3p to 14.75p.