Troubled glassmaker Darby Group said that it had completed the bulk of its restructuring and expected much improved trading in 2001.
Following the UK-based company“s decision to give its 11 regional…
Troubled glassmaker Darby Group said that it had completed the bulk of its restructuring and expected much improved trading in 2001. Following the UK-based company“s decision to give its 11 regional offices responsibility for their own profits, the group cut 10% of its workforce and reported a UK 500,000 pre-tax loss for the six months to June 30. This figure includes exceptional non-recurring costs of UK 300,000 following the redundancy programme. The company said that most of the costs had now been completed and customer reaction to the restructuring had been positive. It added that it was beginning to win new business despite the competitive marketplace and said its processed glass operation should produce strong growth. During the second half, the company will start installing IT systems at the processed glass operation and at the reduced head office. In the six months to June 30, turnover fell from UK 11.6 million to UK 10.8 million and pre-tax losses rose from UK 200,000 to UK 500,000. As stated last year, dividends will not be resumed until the company has achieved a “full and sustained” recovery.