Jarvis Porter Group PLC saw its pretax loss increase to GBP 1.48 million in the year to 28 February 2006 from 1.17 million the year before.
Revenue at the glass maker grew to GBP 18.3 million from GB…
Jarvis Porter Group PLC saw its pretax loss increase to GBP 1.48 million in the year to 28 February 2006 from 1.17 million the year before. Revenue at the glass maker grew to GBP 18.3 million from GBP 17.96 million. The company said 2006 has been another difficult year with continuing losses at principal subsidiary Darby Group, which supplies toughened safety glass and insulating glass units for the construction and related industries, compounding the legacy issues of the Hinckley property and the pension-funding deficit. The group surrendered the lease for the Hinckley, Leicestershire property in May 2006. Non-executive chairman Christopher Mills said progress had stalled on a proposal to cut the pension-funding deficit but the company will continue to investigate alternative strategies. To stop operating losses, the company confirmed the closure of Darby Group“s facility in Gloucester in April 2006. The board believes that the actions taken have improved the company“s financial strength and allow available resources to be concentrated more effectively on returning to profitability. Mills said that although the UK housing market appears to have stabilised, consumer spending remains soft in the face of record debt levels. Accordingly, he said no significant recovery in the domestic market sector is anticipated in the year ahead, and market conditions are likely to remain difficult. Mills noted that the commercial sector is expected to remain more buoyant and the group will aim to grow this side of the business. Overall, the macro economy is unlikely to provide any benefit to the company in the year ahead, margins will stay under pressure and results will be dependant upon Darby Group being able to gain a greater market share, Mills said.