Alumasc Group PLC AGM Trading Update (8221C)
22 Ottobre 2020 - 8:00AM
UK Regulatory
TIDMALU
RNS Number : 8221C
Alumasc Group PLC
22 October 2020
Thursday 22 October 2020
The Alumasc Group plc
(Alumasc)
(ALU), the premium building products, systems, and solutions
Group
AGM Trading Update
At the Alumasc AGM to be held this morning at 10.00am, the
Chairman will give the following trading update to
Shareholders:
"Alumasc has begun the new financial year to 30 June 2021
strongly with record profits in the first quarter.
Each of our three divisions - Building Envelope, Water
Management and Housebuilding Products - has contributed to this
record performance. The restructuring over the previous year, which
provided GBP2.4m in annual cost saving, undoubtedly benefitted
margins, which were well ahead in the period, helping in particular
Levolux and Gatic.
This profit performance has been accompanied by equally strong
cash generation, reducing net bank borrowing of GBP4.3 million at
30 June 2020 to below GBP1 million at today's date, against total
facilities of GBP24 million. Our borrowings continue to benefit
from VAT deferrals of GBP1.8 million, payable later in this
financial year. Furlough income received in respect of a low number
of employees who have since become redundant has already been
repaid to the Government.
It is still too early to know the extent to which the strength
in the UK construction industry, which underpins this performance,
reflects pent up demand from the period of lockdown as opposed to
the true level of ongoing demand. However, there is nothing
abnormal in the strong patterns of demand that we have experienced,
with new commercial ventures continuing to lag other subsectors of
the market.
Despite the uncertainty present in the commercial sector,
Levolux continues to respond to the prior restructuring and remains
on track to return to sustainable profit, as it has been in the
financial year to date.
The strong bounce experienced by Alumasc in the UK has been
supported by a lively export performance. Current orderbooks remain
robust in general and include a growing list of export projects won
in recent months, which are due to be delivered in the current
financial year.
In addition to the growing emphasis on sustainability, there are
early signs of the promised acceleration in infrastructure
expenditure by the UK Government, which is expected to boost demand
in the coming months.
Shareholders should be encouraged by the recovery displayed by
Alumasc at the end of the last financial year and by its
continuation. We remain very conscious of the uncertainties that
accompany the COVID-19 pandemic and Brexit negotiations and will
continue to keep the health and safety of our employees as our
highest priority.
I would like to reiterate the statement of thanks from all our
stakeholders expressed in our annual report to all our employees
for their commitment and cooperation displayed in these uncertain
times." John S. McCall, Chairman, The Alumasc Group plc.
Paul Hooper, CEO of The Alumasc Group plc commented "The
increased trading momentum has continued into Quarter One of the
new financial year and we have had a strong order intake. There
continue to be opportunities to develop our positions further in
the energy management and water management market places with an
increasing alignment with the sustainability agenda."
Enquiries:
The Alumasc Group plc +44 (0)1536 383 844
Paul Hooper (Chief Executive)
Helen Ashton (Company Secretary)
finnCap Ltd (Nomad) +44 (0)207 220 0500
Julian Blunt
Anthony Adams
Edward Whiley
Peel Hunt (Broker) +44 (0)207 418 8831
Mike Bell
Ed Allsopp
Camarco
Ginny Pulbrook +44 (0)203 757 4992
Tom Huddart +44 (0)203 757 4991
email: alumasc@camarco.co.uk
The Alumasc Group plc
Burton Latimer, Kettering, Northants NN15 5JP
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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