Date: 17 December 2008
And although the County Durham company said it could not make any long-term guarantees for growth due to the volatility of the market, Romag said it remains “confident” for its prospects in the medium term.
Over the past year, Romag’s strong growth has continued across its range of products, with sales increasing 93 per cent to £33.6m, and pre-tax profits rising 35 per cent to £3.7m.
Its photovoltaic glass range, PowerGlaz – which over the past year has been used in Heathrow’s Terminal 5 and St Pancras Station in London – has continued its phenomenal progress, with two extra production lines now installed in Romag’s Consett headquarters to help meet increasing global demand.
The move created 40 jobs.
Yesterday, the company revealed it has signed an agreement with the Dubai-based Gulf International Trading Group to market its products in the Middle East.
The company said that exports are a key market for the future of the business, accounting for more than 80 per cent of Romag’s sales.
John Kennair, chairman of Romag, said that while the longer-term market for its product is harder to predict due to the global downturn, the medium-term prospects for the company look good.