Eddie Boss, chief executive of Anglian Group Plc, said he was unhappy with the UK double-glazing firm“s stock market performance as shares suffered their biggest one-day fall in more than a month.
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Eddie Boss, chief executive of Anglian Group Plc, said he was unhappy with the UK double-glazing firm“s stock market performance as shares suffered their biggest one-day fall in more than a month. Boss expected pre-tax profits to fall 10% from the year-ago figure of UK 30.5 million (US$ 49.14 million), as Anglian said its recovery from production constraints last year would be slower than expected, and turnover less than originally estimated. “Obviously we“re very disappointed from a City point of view, being 10% down on profits,” said Boss. “We“ve got to start rebuilding our confidence with the housebuilders now, but clearly when we couldn“t supply what they wanted, they quite rightly and understandably put their business elsewhere,” he said. A combination of a driving mishap and computer problems led to a slowdown in production last year at Anglian, which manufactures and sells windows, doors, conservatories and other home improvement products. Anglian“s design of double-glazing windows was set back when the group had to change computer systems in 1999 in order to become Y2K compliant. The programme was delayed by three months, and Boss said this affected Anglian“s supply of windows to housebuilder clients during the peak demand season of March. In August, when Boss said a driver from an outside contractor cut through a cable at Anglian“s main factory near Norwich airport, leading to a powercut. Boss expects Anglian to recover its turnover by the first half of 2000. He also said Anglian planned to spend between UK 6-8 million on manufacturing and new product development in 2000.