Chairman’s AGM Statement

At the AGM in London this morning of Alumasc, the premium building and engineering products company, the Chairman, John McCall, will state:
“In my statement accompanying last year’s report and accounts, I drew attention to the change that has occurred in the balance of our Group, with building products contributing two-thirds to Group profits following five years of strong growth. The first three months of the current financial year are showing a similar pattern to the previous year, with our building products activities continuing to grow, both in absolute terms and as a proportion of the whole.Highlights include the commencement of Alcoa’s large new aluminium smelter project in Iceland, incorporating our Armaseam standing-seam roofing system, and the continued refurbishment of social housing in the UK, which benefits our MR external wall insulation business.This growth, coupled with the restructuring that has occurred over the past year, will further increase the bias in the Group’s activity in favour of the second half year, ie January to June. Last year’s split in ongoing turnover (47:53) and profit (44:56) is expected to become wider in the current year, as a result.Our engineering and industrial businesses remain active in developing new projects and products, as reported in last year’s accounts, and encouraging interest was expressed at the recent Drinktec exhibition in Germany in Alumasc Dispense’s Wireless Energy Transfer (WET) technology and in Trimcool, its radical new beer cooling system.Negotiations are continuing for the sale of Copal Casting, our West Midlands-based gravity casting business.Looking to the future, Alumasc, with its well-regarded niche brands, focus on premium products and service, good customer relationships and strong balance sheet, is well placed for further successful development.”