Thursday 12 January 2012
THE ALUMASC GROUP PLC - TRADING UPDATE
Alumasc (ALU.L) is issuing a half year trading update in
respect of its financial year ending 30 June 2012.
Group revenues of around £54 million for the half year are
some 9% ahead of the equivalent period last year1, driven
mainly by continued strong growth at Alumasc Precision.
Building Products' divisional revenues also remain ahead
of prior year comparators, against a background of continued
contraction in the UK Building Products market.
However, the group's half-year underlying profit before tax
will fall significantly short of the £2.1 million reported a
year ago, due to two factors:
-
the continued pressure on margins in the Building Products
division;
-
the significant one-off costs of meeting the higher than
expected growth in customer demand at Alumasc Precision.
The full extent of the additional costs at Alumasc Precision
only became clear following receipt of the results of the
December month end stock count earlier this week. Immediate
action has been taken to curtail the excess level of
expenditure as we enter the second half of our financial
year.
Group net debt at 31 December 2011 increased to £13.5
million, compared with £11.9 million at 31 December 2010, due
to investment in working capital to support revenue growth in
the intervening period, and the lower than expected half year
profit.
The group expects a stronger second half result, underpinned
by normal seasonal bias; a significant uplift in the order
book in our Facades business driven by demand from the
Community Energy Savings Programme; a stronger order book in
our roofing business reflecting increased penetration of
refurbishment markets; and an improved performance at Alumasc
Precision. The group's order books continue to exceed £43
million in total.
In view of all the above, the Board currently believes that
its previous profit expectations for the full year are now
likely to be at the top of the range of likely outcomes. A
further, more detailed, update will be given once our interim
results are finalised in February.
On a more positive note, the medium term prospects for the
group continue to be most encouraging, particularly in light
of recent developments which include:
-
Levolux securing orders for design phases of two
multi-million pound projects in London, which will begin to
benefit during the next financial year
-
Gatic is experiencing a high level of enquiries for
international work, and a business development manager has
recently been appointed to grow Slotdrain opportunities in
the United States
-
Blackdown has recently won a significant order to supply a
circa £700k green roof for the Scottish Arena in Glasgow
-
Alumasc Precision is working on two potentially very
significant new projects with major international
customers.
ENDS
Enquiries:
The Alumasc Group plc
Paul Hooper (Group Chief Executive) Tel: 01536
383821
Andrew Magson (Group Finance Director)Tel: 01536
383844
Bankside Consultants
Simon
Bloomfield
Tel: 0207 367 8861
This Trading Statement has been drawn up and presented for
the purposes of complying with English laws and
regulations. Any liability arising out of or in
connection with this Trading Statement will also be
determined in accordance with English law.
This Trading Statement may contain 'forward-looking
statements'. By their nature, forward-looking statements
involve risk and uncertainty because they relate to future
events and circumstances. Many of these risks and
uncertainties relate to factors either beyond The Alumasc
Group's control or which cannot be estimated precisely, such
as future market conditions and the behaviour of the market
participants. Actual outcomes and results may therefore
differ materially from any outcomes or results expressed or
implied by any such forward-looking statements.
Nothing in this Trading Statement is intended to be a profit
forecast.
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