20th May 2025 14:04
(Alliance News) - Amcomri Group PLC on Tuesday said reported double-digit growth in profit during 2024, following its initial public offering in London in December.
The London-based specialist engineering services and industrial manufacturing group said pretax profit rose 21% to GBP1.7 million in 2024 from GBP1.4 million in 2023, as revenue grew 24% to GBP58.1 million from GBP47.0 million.
The firm recorded an exceptional items charge of GBP1.6 million for the year, against a GBP221,000 charge the year before, while administrative expenses increased 36% to GBP15.8 million from GBP11.6 million. Distribution costs were up 13% to GBP566,000 and cost of sales rose 16% to GBP36.9 million.
Amcomri began trading on AIM in December 2024, raising GBP12 million in its initial public offering through the placing of 21.8 million new shares at 55 pence each.
Shares in Amcomri were up 4.9% at 64.00 pence in London on Tuesday afternoon.
"The successful [initial public offering] concluded another record year for the group and provides us with substantial foundations to deliver further progressive growth over the coming years. Our established 'buy, improve, build' strategy delivered further strong profit, revenue and margin gains during FY24, and continues to provide significant scope for continued organic and acquisitive growth," said Co-Founder & Chief Executive Officer Hugh Whitcomb.
"Amcomri's strong balance sheet, resilient end markets, operational enhancements and intra-Group initiatives, underpin management's confidence in meeting market expectations for the current year, which continue to build on our successes of FY24. We have a healthy pipeline of prospective acquisitions which will allow us to deliver upon our strategy."
The firm declared no dividend for the year, but notes that its dividend policy remains under review, and will evolve in line with the group's growth, profitability and capital requirements.
Amcomri added that trading in 2025 to date has been in line with expectations.
By Emily Parsons, Alliance News reporter
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