2nd Feb 2016 09:20
LONDON (Alliance News) - Building and engineering products company Alumasc Group PLC on Tuesday said its pretax profit increased in the first half despite lower revenue and affirmed its expectations for its full-year results to be weighted to the second half.
Alumasc, which makes products designed to improve energy and water management, said its pretax profit for the half year to the end of December rose to GBP3.2 million from GBP2.9 million, despite revenue falling to GBP43.5 million from GBP45.2 million.
The profit increase was driven by good growth from the company's water management and housebuilding products units and the sale of its loss-making precision components unit in June 2015.
Alumasc said its building products units all performed well in the half, and it has now started the process of selling its Dyson Diecastings unit, its last remaining engineering products business.
Its order book at the end of the half sat at GBP27.4 million, up from GBP19.2 million at the comparable period a year earlier and Alumasc said it was confident of delivering growth in the second half, traditionally a stronger period for the company, as it focuses on its higher margin building products arms.
It will pay an interim dividend of 2.7 pence per share, up from 2.5p a year earlier.
"Against a background of further UK growth in demand for premium building products for sustainable building, and with growing order books and continuing success in developing our overseas presence, Alumasc is well positioned to make further progress beyond this financial year," said Chief Executive Paul Hooper.
Shares in Alumasc were up 1.1% at 192.50p on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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