Alumasc Group PLC Full Year Trading Update (5094G)
20 Luglio 2023 - 8:00AM
UK Regulatory
TIDMALU
RNS Number : 5094G
Alumasc Group PLC
20 July 2023
20 July 2023
The Alumasc Group plc
( "Alumasc" the "Group", or the "Company" )
Full Year Trading Update
On track to deliver FY 2023 results in line with
expectations
Alumasc, the sustainable building products, systems, and
solutions group, provides a pre-close trading update for the year
ended 30 June 2023, ahead of publishing its FY 2023 results on 5
September 2023.
Full year profitability in line with market expectations
Despite a challenging UK construction sector backdrop through
recent months, the Board is pleased to report that the Group has
further demonstrated its resilience with a robust commercial and
operational performance in the second half. As a result, the Group
expects to report revenue from continuing operations of
approximately GBP89m, in line with the prior year and underlying
profit before tax(1) from continuing operations in line with Board
and market expectations(2) . The Company's continued focus on
customer service and new product development, when combined with
cost management and a focus on driving operational efficiencies,
enabled Alumasc to grow in several of its commercial markets
through share gains and adjacent product launches. This was
achieved despite demand weakness in new build residential markets
and the delays to a small number of overseas projects.
Operating free cash flow generation in the second half improved
relative to the first half, as working capital and inventory levels
normalised, offset against higher capital expenditure in the fourth
quarter. At the year end, pre-IFRS 16 net debt is expected to be
approximately GBP3m, representing a leverage multiple of 0.2x
EBITDA.
Current trading and outlook
The Board anticipates continued demand headwinds for the
remainder of the 2023 calendar year, although these should be
partly mitigated by contributions from the delayed overseas
projects, which are now expected to commence later in the year. The
Board remains confident in the Group's medium and long-term
prospects within its commercial end markets, and continues to
invest in sales and customer service, product development
capability and operational efficiency projects.
With the majority of revenues directly linked to sustainability
benefits to its customers, and operating in fragmented niche
markets providing growth opportunities, the Group remains well
positioned to deliver long term shareholder value, which will be
accelerated when market conditions improve.
(1) Underlying profit before tax is calculated before
amortisation of intangible assets, IAS19 pension costs and
non-recurring restructuring and relocation costs.
(2) Company compiled market forecasts as at 20 July 2023 is for
FY 2023 revenue within the range of GBP89.7m and GBP91.0m with a
consensus of GBP90.4m and underlying profit before tax from
continuing operations within the range of GBP11.15m to GBP11.3m,
with a consensus of GBP11.2m.
END
Enquiries:
The Alumasc Group plc
Paul Hooper (Chief Executive) +44 (0)1536 383844
Simon Dray (Group Finance Director)
Peel Hunt (Broker)
Mike Bell +44 (0)207 418 8831
Ed Allsopp
finnCap (Nominated Adviser)
Julian Blunt +44 (0)207 220 0561
Camarco:
Ginny Pulbrook +44 (0)203 757 4992
Rosie Discroll +44 (0) 203 757 4981
alumasc@camarco.co.uk
LEI: 2138002MV11VKZFJ4359
Notes to Editors:
Alumasc is a UK-based supplier of premium building products,
systems and solutions. Almost 80% of group sales are driven by
building regulations and specifications (architects and structural
engineers) because of the performance characteristics offered.
The Group has three business segments with strong positions and
brands in their individual markets. The three segments are:
Building Envelope; Water Management; and Housebuilding
Products.
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END
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(END) Dow Jones Newswires
July 20, 2023 02:00 ET (06:00 GMT)
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