24th Oct 2013 10:52
LONDON (Alliance News) - Building and engineering products supplier Alumasc Group PLC Thursday said that its new financial year has gotten off to a good start, maintaining the momentum from the previous year.
Alumasc said that group revenues in the first quarter were slightly ahead of last year, while operating margins continued to increase due to the maturity of larger construction contracts, a strong performance from its Rainwater & Drainage brands, an improving roofing business and reduced operating losses at Alumasc Precision.
The company said its building products division continues to exceed internal expectations.
The group said that its seen a strong performance from Dyson Diecastings, although Alumasc Precision Components remains in loss, following lower sales volumes reported in the second half of the prior financial year.
Alumasc Precision supplies precision engineered and machined aluminum and zinc die-cast components
It said that its order intake remains satisfactory, with the overall order book now standing at GBP36 million, compared with GBP44 million at 30 June 2013.
Alumasc said that the movement was largely driven by the delivery of work on the large Kitimat order in Canada, and a shrunken order book at Alumasc Precision, following reduced demand from China.
Alamasc Group said that its cash performance continues to be ahead of expectation, with net debt so far this financial year averaging around GBP3 million lower than a year ago.
Shares in the company were flat at 137.00 pence per share late Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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