News

“The directors are pleased to report another year of satisfactory performance with both turnover and operating profit meeting our expectations. In challenging market conditions, the Group turnover on a like for like basis (continuing operations) has marginally reduced by £91k from the 2008 position of £32,041k, while Group operating profit has increased by £77k from the 2008 position of £1,850k.

As reported in our previous Review, the directors confirm that on 29th August 2008 the Group’s subsidiary IG (NI) Ltd, a wholly owned subsidiary of Independent Glass Co Ltd, purchased the business and assets of Toughglass Ltd (In Administration) from the Administrator. The directors confirm that this purchase compliments our current strategy and offers the Group future opportunity through enhanced production capability and production capacity.

Incorporating acquisitions, the directors confirm that Profit on ordinary activities (before tax) have met our expectations at £1,239k in 2009. Another positive aspect has been the recovery of long term debt for the Group (£191k), which has been used to repay long term loans to the Bank.

These in combination with other factors have resulted in a £568k increase in Group shareholder funds to £3,660k.

Looking forward, the directors are confident that the Group is favourably positioned to manage the current market conditions and is well prepared to take advantage of future opportunities. Specifically long term contracts; a strong forward order book; ongoing investment in production, capacity and R & D have prepared a strong foundation for the year ahead.”