5th Sep 2019 11:50
(Alliance News) - Building products firm Alumasc Group PLC on Thursday reported a "resilient" performance in a tough market, with the outlook remaining cautious.
Shares were 10% higher on Thursday morning at a price of 95.95 pence each.
For the year to June, Alumasc's revenue rose 4% on the year before to GBP90.1 million, but pretax profit slipped 82% to GBP729,000. On an underlying basis, Alumasc's pretax profit fell 6.7% to GBP5.6 million.
Alumasc is paying a final dividend of 4.4 per share, keeping the year's total flat on the prior year at 7.35p. This, the company said, reflects its "resilience" and confidence in the balance sheet.
"This [performance] was against the backdrop of growing political and economic uncertainty, which had a negative impact on business generally, and commercial construction in particular. Our business most exposed to this sector, Levolux, experienced numerous project delays as a consequence, and incurred losses as a result," said Chair John McCall.
"Swift action has been taken to mitigate these and a plan to restructure the business was announced in June 2019. Levolux continues to offer great potential in the UK and international markets and is one of Alumasc's strongest brands."
Looking ahead, Chief Executive Paul Hooper said the firm has a "cautious" view on revenue for its newly-begun financial year due to difficult conditions in the construction sector. However, it still believes it is well-positioned for progress.
The firm also Thursday announced the appointment of Gilbert Jackson and Michael Leaf to its board.
Jackson is currently managing director of the Roofing & Levolux divisions, while Leaf is currently managing director of Housebuilding Products.
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