1 March 2011 – trading update
The company has unveiled a trading update for the six months ended 28 February expect to record a modest profit at the PBTA level in the first six months. Any improvement intrading in the second half will not be sufficient to compensate for the first half shortfall which means that the outcome for the financial year as a whole is likely to fall substantially short of current market forecasts.
Despite demand coming from the CERT extension, the very poor weather in December and aggressive competition in 2011 have impacted. Sales into distributor and builders merchant channels have continued to improve. The company points to the fact that the Government requires that the CERT extension targets are met by the end of 2012 and that 68% of all measures are derived from insulation. Nevertheless, this is a disappointing announcement. SELL ahead of the interim results announcement scheduled for 28 April.