30th Jun 2016 16:28
LONDON (Alliance News) - Building and engineering products supplier The Alumasc Group PLC on Thursday said it has completed the sale of Dyson Diecastings for GBP4.0 million in cash and said it has entered the new financial year with strong order books.
"The sale of Dyson represents another key strategic milestone for Alumasc, which has been transformed over recent years from a diversified group into a focused, growing niche building products business with significant further growth potential," Chief Executive Paul Hooper said in a statement.
Alumasc added that the performance of its continuing building products operations were broadly in line with market expectations in its financial year which ended on Thursday, and said it has close to record building products order books.
"Despite the short term impact on the UK construction markets of uncertainties surrounding the EU referendum towards the end of the financial year, the group has delivered growth and improving returns across a number of its niche building product businesses," Alumasc said.
"Whilst it is too early to tell whether the recent referendum result will have any effect on the group's business, we see long term structural drivers that support a positive outlook for revenue development across our business segments and enter the new financial year with strong order books," it added.
Shares in Alumasc closed down 1.2% at 124.00 pence on Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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