Romag, the specialist glassmaker, has extended for 2 years its agreement with BP for the supply of solar cells for its laminated glass panels. The company said sales of its Powerglaz panels were £1.4m in the year to 30/09/05 & the division had broken even in the first year of production. The renewed agreement with BP would allow it to source solar cells elsewhere as growth in the market had been restricted by a shortage of the silicon used to make the cells. Total turnover rose from £13.7m to £15.8m, helped by continued strong demand for security glass. Pre-tax profit improved from £1.3m to £1.6m. After a tax credit of £174,000, because of research & development spending. Earnings/share leapt from 2.4p to 4.1p. Pre-tax profit for 2006 is forecast to rise to £1.9m, but the tax charge will return to normal. The shares fell ½p to 119p.
