Romag sees growth based on security and photovoltaics

The UK“s Romag Holdings PLC reported pretax profit of GBP 1.6 million for the full year to 30 September 2005 compared to GBP 1.3 million in the previous year with sales for the period up 14% to GBP1…

The UK“s Romag Holdings PLC reported pretax profit of GBP 1.6 million for the full year to 30 September 2005 compared to GBP 1.3 million in the previous year with sales for the period up 14% to GBP 15.8 million. The Consett, County Durham-based firm said earnings per share increased from GBP 0.024 to GBP 0.041 of which approximately GBP 0.011 resulted from “one-off” factors affecting taxation that helped to turn a GBP 326,000 charge last year into a credit of GBP 174,000 this year. The company also said it is recommending a final dividend of GBP 0.006 per share which, following the dividend of GBP 0.003 per share paid in June 2005, will bring the total dividend for the year to GBP 0.009 per share, up 20% on 2004. The company said its optimism was based on the volume and value of enquiries received for its building integrated photovoltaics unit Powerglaz (sales of GBP 1.4 million in the first full year), anticipated legislative changes in 2006 in the UK photovoltaic market, and the rising demand for bomb and ballistic resistant materials. Romag, which manufactures glass and plastic composites for security, transport and architectural applications, said it will “focus on security and photovoltaics to improve trading”. Romag said the photovoltaics market continues to grow worldwide but has been restricted by a shortage of silicon, used in making photovoltaic cells. However, silicon manufacturers and photovoltaic cell manufacturers are responding to growth by increasing capacity, including BP“s recent announcement that it is investing a further GBP 8 billion in the renewable energy sector and that it is doubling its capacity in photovoltaics from 100mw to 200mw over the next twelve months. Romag has recently extended its Global Alliance Agreement with BP for a further two years, securing Romag“s anticipated photovoltaic cell requirements.