Shares in Superglass dropped 10% in early trading yesterday as the firm revealed another seven-figure annual loss.
The Stirling-based manufacturer has suffered a turbulent time in recent years with its share price taking a battering.
At one point early last year, its stock touched almost 55 pence per share but it has fallen consistently since and shares have been trading at around 2.5p for the last several weeks.
Investors placed further pressure on the stock on Thursday after the firm revealed a significant increase in losses for the year to August 31.
On a pre-tax basis, Superglass made a £9.4 million loss for the year, up from a £6.8m loss in the previous year.
Stripping out interest, taxation, depreciation, amortisation and exceptional items, the picture was slightly improved with a £2.3m loss for the year, compared with a £3.2m loss 12 months earlier.
Contained within the year’s exceptional expenditure was a £4.5m goodwill impairment charge and £232,000 of costs racked up by a combination of professional fees arising from an aborted sales process and redundancy payments as the business streamlined.
The firm also saw major boardroom changes during the year with long-serving chairman John Colley, chief executive Alex McLeod and senior independent director David Gray all leaving the business.
Former managing director Ken Munro’s appointment as new CEO was confirmed in June.
Mark Cubitt took over as interim chairman at the same time and has revealed he had now agreed to take on the role on a permanent basis.
Mr Cubitt said the last three years had been “extremely challenging” for Superglass but he said a renewed focus on innovation, specifically through the introduciton of a new blowing wool product Superwhite 34, and a refreshing of the board had put the firm on a better footing.
“Our strategy for the current financial year remains to continue to reposition the business through product and service innovation, delivering enhanced product quality and outstanding customer service,” Mr Cubitt said.
“We also plan to make further improvements in efficiency during the year, including energy, waste and overhead savings.
“The combined effect of these further cost savings, strengthening volumes, the benefit of new products and a further price increase already announced for 2016 leaves Superglass in a stronger position to make real progress in the months ahead than has been the case for many years.”
Shares in Superglass closed the day down 0.12 at 2.38 following Thursday’s trading session.