7th Feb 2023 12:11
(Alliance News) - Alumasc Group PLC on Tuesday announced it increased its interim payout despite reporting a lower profit in the six months to December 31, as expenses grew faster than revenue.
Alumasc is a Kettering, England-based supplier of building & engineering products.
The company said interim pretax profit fell 14% to GBP5.3 million from GBP6.2 million a year prior.
Revenue climbed 5.4% to GBP45.0 million from GBP42.6 million. However, cost of sales increased by 5.8% to GBP28.4 million from GBP26.9 million. Net operating expenses widened 16% to GBP10.7 million from GBP9.3 million. Meanwhile, its post-tax loss from discontinued operations doubled to GBP1.8 million from GBP900,000.
"This was a strong first half performance, against a comparative that included significant sales to Chek Lap Kok airport in Hong Kong," the company said.
Despite the fall in profit, Alumasc declared an interim dividend of 3.40 pence per share, up 1.5% from 3.35p ago, citing "confidence in the future performance of the business."
Looking ahead, the company said: "Water Management has seen lower first half export volumes, but a stronger performance is expected in the second half as a result of the next phase of the Chek Lap Kok airport project and other overseas project phasing."
Alumasc shares were 2.7% lower at 160.00 pence each in London on Tuesday around midday.
By Tom Budszus, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Alumasc Group