It's been a tough time for insulation firm Superglass. Over the past year the company, based in Stirling, has suffered from a stagnant housing market and uncertainty over the Carbon Emission Reduction Target (Cert) scheme, which forces utilities to help customers to improve their efficiency.
In a statement issued this week at the company's AGM, Superglass said the residential carbon-saving market had continued to slow and non-residential activity remained weak.
However, its shares, which closed this week at 33p, are trading at a low price, especially compared with the year-high of 43p set last May after a set of interim results, when then chairman John Smellie announced that the market had bottomed. And this week's statement wasn't all doom and gloom. The company said it had secured new business with an independent builders' merchant buying group, and it was starting to reap the benefits from reduced energy costs.
Superglass also said it had "positive" signs from the newbuild housing market, while it expected trading to be in line with expectations, amid a "confident" outlook.
The firm added it had cut net debt by £1.1m since its year-end in August, putting it well within its banking covenants.
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While not out of the woods yet, Superglass may not be a bad bet at this price, a view shared by broker Brewin Dolphin, which again rated the shares a buy.