The Alumasc Group plc – Interim Management Statement
Alumasc, the premium building and engineering products company, is publishing its first interim management statement for the year ending 30 June 2011 ahead of its Annual General Meeting being held in London at 10.30am today.
Overall trading for the year to date has been in line with the Board’s expectations, with group revenues more than 10% ahead of prior year levels.
First quarter revenues within the Building Products division were similar to the first quarter of the prior year and, encouragingly, have now risen for the last two quarters in succession, despite uncertainty over the potential impact of the UK government’s Comprehensive Spending Review.
Alumasc Precision, the group’s largest Engineering Products business, has continued to benefit from the strongly positive trading momentum begun early in the second half of the last financial year. Underlying demand across the customer base has continued to grow and, in addition, a significant new project was won recently to supply components for a complex transmission system to Caterpillar.
Net debt at 30 September 2010 was £10.9 million, £1.6 million higher than at the last year end due to anticipated increases in working capital requirements as revenues have grown. Group borrowings remain comfortably within committed financing facilities of £20 million.
There have been no other significant changes to the group’s balance sheet since 30 June 2010, and there have been no significant non-recurring items impacting the income statement for the current financial year.
The group’s order book currently totals over £40 million, around 20% ahead of prior year end levels and over 50% ahead of the low point in December 2009, with the majority of the uplift at Alumasc Precision.
In view of positive year to date trading and growth in the order book, with an increasing proportion of group profit being generated by the Engineering Products division, the Board continues to believe that Alumasc is well positioned to make progress through uncertain times and achieve its expectations for current year financial performance.
The Alumasc Group plc
Paul Hooper (Group Chief Executive) Tel: 01536 383821
Andrew Magson (Group Finance Director) Tel: 01536 383844
Simon Bloomfield Tel: 0207 367 8861
Rose Oddy Tel: 0207 367 8853
This Interim Management Statement has been drawn up and presented for the purposes of complying with English law. Any liability arising out of or in connection with this Interim Management Statement will also be determined in accordance with English law.
This Interim Management 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 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 Interim Management Statement is intended to be a profit forecast.