Yeoman Group: poor performance from glass holdings

Pretax profits have risen strongly to over EUR 2 million at Paul Coulson“s Yeoman International group on the back of property and land sales. However, Yeoman“s glass interests has suffered in a toug…

Pretax profits have risen strongly to over EUR 2 million at Paul Coulson“s Yeoman International group on the back of property and land sales. However, Yeoman“s glass interests has suffered in a tough market environment: Ardagh Glass Group, the glassmaker spun off from Ardagh plc in 2003, has been finding trading difficult recently, reporting a loss of EUR 35.8 million for 2005 and warning of “very tough” trading conditions. Mr Coulson, who is chairman of Ardagh Glass Group, told the company“s AGM in May 2006 that the group“s main problems were in the UK, where “hugely increased” energy costs had combined with overcapacity.