This article was written by

Follow

Plastic manufacturer Formica has reported an improving financial picture despite falling to a fifth consecutive year of losses.

The North Shields company – which has been a fixture on the Coast Road for more than 70 years – has released accounts for 2025 in which its revenues increased from £35.7m a year earlier to £41.4m. Over the same period, the company’s operating loss narrowed from £8.3m in 2024 to £5.7m.

A breakdown of sales shows that more than half the company’s income (£28.1m) came from exports to Europe, with £13.2m of sales in the UK.

Formica has been restructuring its operations in the North East over the last few years, with headcount at the factory more than halving since 2018. The new accounts put the company’s employee numbers at 232, a slight rise on the previous period.

The company has also been remodelling the Coast Road site, knocking down a number of buildings that are no longer in use. Restructuring costs of £300,000 are recognised in the accounts that relate to the demolition of the Finished Goods Warehouse at North Shields.

In the accounts, the company says it is “continuing to focus on its North Shields facility”, adding that “whilst reducing the factory footprint we believe through modernisation and centralisation we will be able to support future growth in a controlled manner and therefore benefit from an improved operating leverage.”

The directors add: “Formica Limited has completed a number of projects as part of a significant investment programme at its North Shields site, resulting in a reduced cost footprint. Meanwhile, the company has taken steps to strengthen its commercial margin.

“Along with other actions such as administrative cost reductions and commercial and operational synergies with sister companies in the group, the financial run-rate of the company is improving and is expected to continue to improve, driven by the market demand as well as ongoing commercial and marketing initiatives.”

The Formica product dates back to 1913 when an employee of US-based Westinghouse filed a patent for process to make laminated insulators.

The North Shields plant has been part of the Dutch Broadview Holdings group since 2018 after it was bought in an $840m deal from previous owners Fletcher Building, which is based in New Zealand. In March, Formica’s third party UK sales business was also sold to Broadview.

Rhodium Group Director Reva Goujon highlights the increasing security challenges faced by AI companies globally, emphasizing concerns around cyber threats, data privacy, and geopolitical tensions. She underscores the importance of robust protections and international cooperation to mitigate risks, ensuring responsible AI development and deployment amid evolving technological and regulatory landscapes.

As AI chatbots become more prevalent, companies face increasing risks of malicious attacks aimed at exploiting these systems. To safeguard their digital assets, organizations should implement robust security protocols, including strong authentication and encryption measures. Regularly updating chatbot software ensures vulnerabilities are patched promptly, reducing potential points of entry for attackers. Additionally, deploying continuous monitoring systems helps detect abnormal activity or suspicious behavior that might signify a breach.

Training human staff to recognize and respond to chatbot threats is equally essential. Employees should be aware of common attack vectors such as phishing attempts or social engineering tactics targeting chatbots. Implementing strict access controls for chatbot management also limits the scope of potential damage. Combining technological defenses with well-trained personnel creates a comprehensive shield against malicious AI bot attacks.

Ultimately, staying informed about emerging AI security threats is crucial. Companies should collaborate with cybersecurity experts to develop proactive strategies and participate in ongoing threat intelligence sharing. By embracing a layered security approach, businesses can protect their chatbots and maintain customer trust amidst evolving cyber threats.

source

Other People are Reading

The rally comes amid a rapid surge in global sugar prices. US raw sugar prices moved above the $15/lb resistance level to $16/lb, while London White Sugar climbed to a 15-month high of more than $500 a tonne.

In today’s session, Balrampur Chini Mills gained over a percent to Rs 627 on the BSE, while Dhampur Sugar Mills gained 4% to Rs 169 per share. Uttam Sugar gained 6% to Rs 280 per share. Triveni Engineering shares rose the most, rallying 8% to Rs 271, while Eid Parry gained over 3 percent to Rs 801. Over two days, Triveni Engineering’s stock price has gained the most, rising 12%.

What’s moving the stocks?

A key trigger is the worsening supply outlook in Brazil, the world’s largest sugar producer. The country has warned of a delay in the harvest amid adverse weather conditions. Adding to uncertainty, Brazil has suspended its bi-weekly harvest and production reports, leaving investors with limited visibility on the supply situation.
The shift towards ethanol is further intensifying concerns over a potential sugar supply crunch. In June, 58% of Brazil’s cane juice was diverted to ethanol production, as it is likely more profitable than sugar.

Live Events

Brazil has also raised its mandatory ethanol blending target to 32% in July from 30% in June, significantly higher than the 25-27% mix seen just months earlier.
Supply concerns are not limited to Brazil. Intense heatwaves and El Nino conditions across the EU and the UK have added to fears of tighter supplies, with sugar output from the region trimmed to 14.98 million tonnes.In Asia, Thailand, the world’s third-largest sugar producer, has cut its projected output by 15.6% to 9.5 million tonnes. India, the world’s second-largest sugar producer after Brazil, is also projecting lower sugar production. Authorities are physically verifying mill volumes to enforce strict hoarding limits.

Global deficit estimates are also pointing towards a tighter market. Green Pool has projected a global sugar deficit of 3.3 million tonnes, while StoneX has estimated the shortfall at 1.7 million tonnes. The International Sugar Organisation has forecast a deficit of 0.26 million tonnes.

With production concerns mounting across major sugar-producing regions and global benchmark prices continuing to climb, the supply outlook has emerged as the key factor driving the sharp move in sugar prices.

India may cut exports

India, the world’s second-largest sugar exporter, is expected to have little surplus for export for at least three more seasons as El Nino weather conditions threaten cane production and rising ethanol demand squeezes supply.

The twin pressures are poised to keep millions of tons of sugar off the world market, tightening supplies for importers across Asia, Africa and the Middle East and supporting benchmark prices in London and New York.

A reuters report stated that government sources and farmers suggest that lower cane availability and rising ethanol demand will leave little for exports for several years, prompting dealers at global houses ‌to warn head offices of shrinking ⁠opportunities in ⁠India, trade sources said.

India exported 6.8 million metric tons of sugar annually on average in the five seasons through 2022-23 – about 10% of global shipments. This year, after exporting around 800,000 tons, India banned shipments until September 30, the end of the season.

Also read: Explained: Why Vedanta Aluminium, Hindalco, Nalco shares tumbled up to 7% on Friday

A prolonged absence deficit from major suppliers would remove a key balancing supplier as weather risks and biofuel policies reshape global sugar trade flows.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Yes. Corporate subscriptions are available for teams and organisations, with discounted rates as user numbers increase. Pricing starts from $1,625 + GST per user.
Get in touch
to discuss the right option for your organisation.

Business News subscriptions are used by executives, investors, consultants and professionals who need to stay informed and make better decisions about the WA market. When you subscribe you’ll get

• Unlimited access to WA’s most trusted business journalism
• Data & Insights — detailed profiles of WA companies, people, projects and deals
• MyBN — a personalised feed based on the companies, people and sectors you follow
• Special publications and industry reports
• Daily and weekly email newsletters

Data & Insights is a research tool built specifically for the WA market. It draws on more than 30 years of Business News reporting, updated regularly to reflect what’s happening now. Use it to:

• Look up detailed profiles of WA companies, including financials, directors and ownership
• Find decision-makers and track their career movements
• Research live and completed projects across WA industries
• Monitor deals, appointments and market activity
• Access industry rankings and league tables

Data & Insights is updated daily by our dedicated research team, which uses the latest announcements, ASX filings and editorial coverage to keep our person, company, list and project records up to date.

Business News welcome all opportunities to make our dataset accurate, complete and current, so if you have an update request, please email the team at
general@businessnews.com.au, and we’d be happy to assist.

MyBN
is part of every subscription. It’s your personalised view of Business News. You can follow the companies, people, sectors and projects that matter to you, and get a news feed and alerts tailored to your interests. You can save articles to read later and retain only what you need.

Only subscribers have full access to all content on the Business News website.

If staying informed about the WA economy is part of your job, and/or you’re looking for networking opportunities in WA, Business News is built for you.

Business News subscribers are:

• Executives and directors tracking competitors, clients and market movements
• Investors and advisers researching companies, deals and industry trends
• Consultants and professionals staying across sectors relevant to their clients
• Business owners looking for leads, context and market intelligence

Most Business News publications cover national or global markets. Business News is focused entirely on Western Australia, which means the journalism, the data and the intelligence are all built around WA companies, people and projects — not adapted from a national feed. Data & Insights, included with every subscription, combines more than 30 years of WA-specific editorial research with live business data. There’s no comparable product for the WA market.

The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.

The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.

The BN Weekender Email contains a wrap of the Business News from the week that was, highlighting the top stories in each area of WA business.
Sign up for free.

We’re happy to help.
Get in touch
and our team will come back to you.

Bernt Omdal
Chief Executive Officer

Good morning, and welcome to the presentation of our results for the second quarter.

My name is Bernt Omdal, and I’m the CEO of the company. Together with our CFO, Vidar Jerstad, we will take you through this presentation.

Sea1 Offshore’s report for the second quarter 2026 was released prior to the market opening today. In this presentation, we will cover the main highlights of the report, and we will refer to the presentation issued together with the financial report. At the end of the presentation, we will open up for questions, and I suggest you post your questions in the chat function.

So looking at the highlights for the quarter, we operated 15 fully owned vessels. In addition, we have 4 vessels under construction. All of our vessels in operation delivered a positive EBITDA margin. We had USD 80 million in revenue, and we delivered $41.5 million in EBITDA. That is equal to an EBITDA margin of 52%. We have a book equity ratio of 53%, and our net interest-bearing debt was $259 million at the end of the quarter.

Revenue and EBITDA is up year-on-year, even though second quarter figures in 2025 included a positive contribution from Sea1 Spearfish, which was sold in May 2025. We continue to deliver safe and efficient operations in all regions. This is a result of high focus on safety at all levels in the company.

The utilization of the fleet in the second quarter was 83%, which is somewhat down from same quarter last year, which is a result of the low utilization in the anchor