UK glass processor Romag Holdings has seen interim profits rise 37.5% in the first full six months of production of photovoltaic glass.
Chief executive Lyn Miles said the firm“s photovoltaic glass h…
UK glass processor Romag Holdings has seen interim profits rise 37.5% in the first full six months of production of photovoltaic glass. Chief executive Lyn Miles said the firm“s photovoltaic glass had been used in a variety of buildings, including the London Science Museum, Southampton University and the Gateshead business park. Forward orders were already in the pipeline. Sales of the photovoltaic glass contributed GBP 500,000 to total sales of GBP 7.1 million in the six months to 31 March 2005 up from GBP 6 million previously. Pre-tax profit rose from GBP 312,000 to GBP 429,000. Ms Miles was delighted that photovoltaic glass sales were slightly ahead of expectations. But sales of the specialist glass the company supplies for automobile and construction use had also been boosted by security concerns. The company“s broker, Bell Lawrie White left its full-year forecast unchanged at pre-tax profit of GBP 1.6 million with earnings per share of GBP 0.026. Romag was floated on Aim (Alternative Investments Market) at the end of 2003 at GBP 0.45 a share. The company has invested GBP 3.5 million in a factory at Consett, County Durham, to make the photovoltaic glass. The factory entered full production in September 2004 and uses its laminating skills to incorporate photovoltaic cells provided by BP“s solar energy division. Ms Miles estimates the UK market for the glass panels at GBP 105 million over the next five years. “I am fairly bullish about the UK market and our share of it – and there is very little competition in the UK market.” She expected interest to increase as the debate about global warming continues. Operating at full capacity, the new factory could produce photovoltaic glass worth about GBP 20 million a year without further investment. The company has also been working with building products firms Marley and LaFarge on photovoltaic roofing tiles. LaFarge is delivering tiles to the housing market in the UK, Germany and the Netherlands.