Further to my previous review earlier this year I am pleased to advise that the overall strategy we introduced to combat the ongoing impact of the Pandemic, and the fallout from Brexit, on our Global Supply Chain has been very successful so far. During Q1 and Q2 we have managed to significantly increase our overall stock levels and support all our customers’ demands through a period of great uncertainty as the Country slowly recovers, and all modes of transport operations resume activity. 
The Pandemic has had a significant impact on the glass processing industry and prices have increased rapidly due to an overall lower capacity level and higher raw material costs. The spiralling costs of freight shipments, via sea or land have reached record highs in the last 12 months and are currently predicted to remain until the end of the year. These increased transport costs effect all imported goods, not just glass, and until the Global impact of Covid-19 reduces the market will not stabilise again. 
We predicted some of these problems last year when we started to increase our stocks ahead of any signs of recovery, and we are continuing to build on that strategy again now. We have secured additional capacity with many of our glass suppliers, and by pre-ordering when the demand from other sectors were lower, we have managed to ensure ongoing deliveries have been maintained so far this year. We are also now increasing our orders further to ensure we continue to build stocks towards the winter. 
Where any suitable glass stocks were found to be available either in the UK or Europe, we have moved to secure these to boost our own stock position and have now reached a new agreement with Carlyle Ltd to purchase their remaining glass stocks too. 
To accommodate the overall increase in our stock holding we are opening a new larger depot in Ireland shortly, and are currently having a 25,000 sq. ft Mezzanine floor erected in our Manchester Depot which will allow us to hold even deeper stocks in these areas. We have also opened another new storage depot near Manchester just to hold deeper winter stocks across a wide range of key products. 
As before, I thank all our Customers and Suppliers for your ongoing support and ensure you that PSV Glass and Glazing will be doing everything possible to maintain and improve the service levels we provide and ensure good stock availability during the coming months. 
Nik Andrews 
Managing Director 
2nd July 2021 
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