The international supplier of building products and manufacturer of marine breakaway couplings, Lupus Capital (LON:LUP), announced today their debt increased by nearly 25% in 2009, attributable to the ongoing depressed levels of the housing market.
In their preliminary report for 2009, the company revealed that despite successfully refinancing its debt facilities up to June 2012, net debt increased 23.6% to £111 over the period. There was also a fall in gross margins despite decline in constant currency sales. Other significant news for 2009 included several board changes: the company has appointed a new Chief Executive Officer, Louis Eperjesi. Louis joined the Board on 22 February 2010 after a career at Kingspan Group, and has a track record in the building materials and manufacturing sectors. A new Chairman and Non-Executive Directors were also appointed. Jamie Pike, Non-executive Chairman, commented on these changes:
"2009 was a difficult year for the business. While revenues reduced sharply across the Group's building products business, it was encouraging that the decline in gross margins was significantly less marked, and that Gall Thomson continued to perform robustly. 2010 has started steadily under the new management team and the Group is well positioned to benefit from any increase in activity levels.
