Interim Management Statement
THE ALUMASC GROUP PLC (“ALUMASC” OR THE “GROUP”)
INTERIM MANAGEMENT STATEMENT
Alumasc, the premium building and engineering products company, is publishing its first interim management statement for the year ending 30 June 2014 covering the period from 1 July 2013 to date, ahead of its Annual General Meeting being held in London at 10.30am today.
The new financial year has started well, maintaining the momentum of the previous year.
Whilst Group revenues are only a little ahead of prior year levels, operating margins have continued to increase due to the greater relative maturity of larger construction contracts, a strong performance from our Rainwater & Drainage brands, improving results in our Roofing business and lower operating losses at Alumasc Precision as the recovery plan progresses.
The broad trends observed across our businesses in the previous financial year have continued. The Building Products division continues to outperform the UK construction market and exceed our internal expectations. Dyson Diecastings continues to perform very well. However, Alumasc Precision Components remains in loss following the reduction in sales volumes reported in the second half of the prior financial year.
Cash performance continues to be ahead of expectation, with net debt so far this financial year being on average some £3 million lower than a year ago.
Order intake remains satisfactory, with the overall order books now standing at £36 million compared with £44 million at 30 June 2013. This movement has been driven largely by the delivery of work on the large Kitimat order in Canada and a lower order book at APC following reduced demand from China.
In view of the positive trends remaining as before, the Board’s expectations for the full year are unchanged.
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
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.