Romag future looks brighter

UK solar and specialist glassmaker Romag, based in Consett, says it now expects to make a small pre-tax profit in 2010 rather than the loss it predicted in August.
The company, which employs about 18…

UK solar and specialist glassmaker Romag, based in Consett, says it now expects to make a small pre-tax profit in 2010 rather than the loss it predicted in August. The company, which employs about 180 people, made the positive announcement on 30 September in a financial year-end trading statement. The company, whose chief executive Lyn Miles died in June aged 57 after a long illness, had problems with suppliers and with customers who struggled to get credit insurance. Romag also said it would have to write down the value of some items to reflect the current market for solar glass. But Romag said on 4 October: The directors are pleased to report that the issues relating to the supply of key materials have now been resolved and that delays which have held back sales in the year to 30 September 2010, have eased substantially. Whilst Romag will report a loss after interest, tax and exceptional items (including the inventory write-down), the directors anticipate reporting a modest profit before these items when we make our preliminary announcement for the year to 30 September 2010.