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 2013 ahead of its Annual General Meeting being held in London at 10.30am today.
The group has made a good start to the financial year and is trading in line with management’s expectations.
The recovery plan at Alumasc Precision Components is progressing as anticipated, with the run rate of losses in the first quarter of this financial year substantially improved on the final quarter of the prior year.
Overall, group revenues are 7% up on the prior year. However, Alumasc Precision is experiencing some softness in demand across its international OEM customer base, reflecting weaker global economic conditions, with divisional revenues some 20% lower than in the equivalent period last year.
Conversely, revenues in the group’s larger Building Products division are over 20% ahead of the prior year, benefiting in particular from shipments to the early phases of the £10 million Kitimat smelter project in Canada and strong demand at home for insulated renders as part of the Community Energy Savings Programme.
Continued focus on working capital management has enabled the group to maintain a consistently better than expected cash and net debt performance so far this financial year.
Group order books remain strong at £47 million and, despite the weak economic background, enquiry levels for Building Products remain encouraging, particularly in London and the South-East.
Looking to the future, the group’s second quarter is expected to benefit from continued strong momentum in our Roofing & Walling businesses, further improvements at Alumasc Precision and the commencement of Levolux’s £3.3 million solar shading project at Chiswick Park.
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
James Irvine-Fortescue Tel: 0207 367 8863
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.