Profits at a major East Yorkshire glass manufacturer rocketed in 2018, as the company prepares to invest in its Goole facility.
Guardian Glass UK, headquartered in Tom Pudding Way, Goole, reported profits before tax were up from £368,000 to £640,000 in 2018, as revenue also soared by over £400,000.
The company is set to further invest in its Goole factory, with upgrades expected to be made to a glass production line.
Despite the strong performance in 2018, Guardian Glass warned that a no-deal Brexit could force the business to have to re-negotiate contracts with some of its clients.
Directors said in recently-filed accounts: “The main risks identified in relation to a no-deal Brexit are contract risks, which will bring additional costs to business to review or re-negotiate terms.”
Guardian Glass also said a no-deal Brexit could have a “financial and timing impact triggered by customs clearance, duties and new compliance procedures,” and warned of “potentially higher UK inflation as a consequence of sterling depreciation.”
Revenue at Guardian Glass, which produces float, high-performance glass for use in homes, offices and cars, rose from £2.2m to £2.6m in 2018.
The business currently serves customers in 160 countries across the globe, and produces 500km of glass every day at its worldwide factories.
Guardian Glass announced earlier this month it planned to invest in its Goole factory.
The float glass production line at the plant will be upgraded as the existing furnace nears the end of its lifecycle.
The upgrade is expected to be performed in the beginning of 2021.
The new float glass furnace is planned to have a nominal melting capacity of 825 metric tonnes per day – an increase of 20 per cent compared to the existing furnace.
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Guus Boekhoudt, vice president of Guardian Glass Europe, Russia and Asia, said: “Glass demand is continuing to grow in Europe and these investments will ensure the supply to our customers, essential to developing and maintaining our strong partnerships.”
Due to an optimised design, the furnace energy efficiency as well as the environmental performance of the new line are expected to improve on a per tonne basis.
The new float glass line in Goole will continue to service customers in the UK and Ireland, providing them with float, coated and laminated glass products.
Guardian Glass is the largest business within the Guardian Industries group.
It employs 10,000 people across the world, and is one of the biggest glass coating manufacturers in the world.
