The UK“s Jarvis Porter Group PLC said it plans to delist from AIM (Alternative Investments Market) after reporting pretax loss widening to GBP 1.08 million from GBP 0.28 million a year ago.
First ha…
The UK“s Jarvis Porter Group PLC said it plans to delist from AIM (Alternative Investments Market) after reporting pretax loss widening to GBP 1.08 million from GBP 0.28 million a year ago. First half sales fell to GBP 8.80 million compared to GBP 9.44 million a year ago. Adjusted loss per share widened to GBP 0.055, from GBP 0.06. If conditions in the “extremely competitive“ glass market continue to deteriorate or there is a rise in required payments to the pension scheme the company may need further loans, which if not obtained would put a question mark over the group“s future as a going concern, said Jarvis Porter, whose principal unit Darby Group produces glass for construction. Rises in costs of raw materials have also hurt margins, said the firm. However, the company said its performance in the 2H 2006 so far has been an improvement on the 1H, after it carried out a restructuring, reorganising its Scunthorpe site and closing its Gloucester site. Non-executive chairman C. H. B. Mills said: “The cost base is now aligned to prevailing market conditions and this will provide a solid platform for future improvements”. “Margins will remain under pressure and results will be dependant upon the group being able to secure a greater market share and applying selling price increases to further offset raw material increases”. The firm did not give the reasons for its planned delisting.