SUPERGLASS, the Stirling-based insulation manufacturer, has cut losses by nearly £5 million as it hailed its prospects under its new Russian owner.

The company, which de-listed from the stock exchange after its acquisition by TechnoNICOL last year, reported a £4.4 million loss for the 16 months to December 31. It had lost £9.4m in the 12 months to August 31, 2015.

The firm says in new accounts that UK and export sales have shown a “positive trend” in the first half of 2017.