4th Feb 2020 13:06
(Alliance News) - Alumasc Group PLC on Tuesday expressed confidence going forward despite reporting mixed performance in the first half of its current financial year.
The building products, systems and solutions company reported a pretax profit of GBP1.8 million for the six months to the end of 2019 compared to GBP619,000 a year earlier, as its net operating expenses reduced by 15% to GBP10.0 million from GBP11.8 million.
"In light of the challenging market conditions in 2019, we acted swiftly to restructure and reposition the group in the second half of our last financial year. This underpinned a resilient first-half profit performance," said Chief Executive Paul Hooper.
Less positively, Alumasc said revenue fell by 7.3% to GBP41.1 million from GBP44.3 million the year before, amid the wet weather, combined with Brexit and UK general election.
Looking ahead, Hooper said: "The board remains confident in prospects for the medium and longer-term performance of the group in view of our leading specialist market positions in water and energy management, addressing climate change and the growing sustainability agenda."
Order books and pre-order pipelines remain healthy in Europe, the Middle/Far Fast and North America, the company noted.
Alumasc shares were trading 6.3% higher in London on Tuesday at 113.70 pence each.
By Evelina Grecenko; [email protected]
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