15th May 2018 15:10
LONDON (Alliance News) - Alumasc Group PLC said Tuesday its revenue and profit for the full financial year will be below revised expectations after a poor third quarter and slow start to the fourth quarter.
The building and engineering product supplier's latest forecast for its annual financial performance are for revenue to be 7% to 9% lower and for underlying pretax profit to be lower by 15% to 20% from previous expectations.
In April, construction activity was "further impacted" by adverse weather. Also, market conditions continue to be "slow" which is "restricting the pace of recovery" and has resulted in some projects that were previously forecast to contribute to this year now being moved into the next financial year.
In March, the company revised its expectations for the year ending June because of a "challenging" third quarter. Alumasc listed project delays, the fall-out from Carillion and poor weather for its falling numbers.
Alumasc on Tuesday reported, however, that the group "recovered" in April as the weather improved. The company's final quarter performance to June 30 is "ahead of a strong prior fourth quarter comparator" in financial 2017.
Revenue in all of financial 2017 was up 14% to GBP104.8 million from GBP92.2 million the year before, while pretax profit was up 19% to GBP8.1 million from GBP6.8 million in financial 2016.
Shares in Alumasc were down 7.9% Tuesday to 128.90 pence each.
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