3rd Sep 2015 08:21
LONDON (Alliance News) - Building and engineering products company Alumasc Group PLC on Thursday posted higher pretax profit and revenue for its financial year to the end of June following its decision to focus on its building products business.
Alumasc said pretax profit for the year to June 30 was GBP7.0 million, up from GBP6.0 million the year before, driven by a 10% rise in revenue to GBP98.1 million from GBP88.9 million.
Over the course of the year, Alumasc decided to focus its operations on its building products business and sold off its precision components and Pendock Profiles units as part of those changes.
The building products unit has outperformed the UK construction industry over the year, Alumasc said, with revenue rising 12% to GBP90.3 million. Solar shading and screening performed well, with profit nearly doubling thanks to it gaining further traction in the North American market and its order book growing by 19%.
Roofing and walling revenue was up 22% for the year, with the roofing business improving its profitability substantially following a change in its management and the introduction of new products. Rainwater, drainage and housebuilding products revenue rose 11%, while construction products revenue rose 13% thanks to strong domestic and international markets.
On the back of the stronger performance, the group is paying a final dividend of 3.5 pence per share, up from 2.8p a year earlier, meaning its total dividend rises 20% to 6.0p.
"With our strategic focus and actions being taken to exploit opportunities for organic growth and synergy, Alumasc is increasingly well positioned to benefit from the current forecast growth in both the UK economy and UK construction output," said Chief Executive Paul Hooper.
Alumasc shares were up 9.1% on the news to 174.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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