Alumasc, the high specification engineering and building products group, announces its results for the half year ended 31 December 2004.
• Pre-tax profit on continuing activities of £3.5m (2003: £3.4m).
• Trading profit on continuing activities of £4.3m (2003: £3.7m).
• Earnings per share on continuing activities of 7.0p (2003: 6.9p).
• Interim dividend per share of 3.0p (2003: 3.0p).
• Net borrowings of £3.4m (gearing of 8.6%) at the seasonal high point of 31 December 2004 (2003: £1.9m), despite the £6.4m outflow on two acquisitions in the period.
• The disposal in January of the loss-making G E Bissell generated a pre-tax loss on discontinued activities of £4.6m, including £3.3m of goodwill previously written off to reserves.
• Alumasc Building Products, the Group’s largest division, grew turnover by £2.8m to £21.9m, and operating profit by £0.4m to £2.5m. This strong performance was assisted by the acquisition of Roof-Pro Limited in July and of Timloc Building Products Limited in September, both of which performed well.
• Alumasc Precision enjoyed mixed success, with weak demand from its automotive customers countering growth achieved in other areas. Overall, turnover declined by £1.3m and operating profit by £0.1m, to £16.4m and £1.15m respectively.
• The Group’s continuing Industrial Products activities advanced turnover by £2.0m and operating profit by £0.3m, to £18.6m and £0.7m respectively. Alumasc Dispense benefited from high demand from on-going projects with its Brewery customers and has new products under development using patented wireless energy transfer technology.
With regard to prospects, John McCall, Chairman, stated “The bias in Alumasc’s profit generation towards the second half year – an increasing feature of recent years – is expected to continue. Moreover, Alumasc’s strong cash generation and sound balance sheet will ensure that the Group continues to exploit the opportunities which it has generated with its key customers and markets and to consider appropriate acquisitions in the Building Products sector.”
From 09.30 to 10.30 today (Thursday 10 February 2005), there will be a presentation to brokers’ analysts and private client investment advisers at the offices of Williams de Broë, 6 Broadgate, London EC2M 2RP