24 October 2024
THE ALUMASC GROUP PLC
('Alumasc' or 'the
Group')
AGM Trading Update
Positive trading momentum
continues
Alumasc, the premium sustainable building
products, systems and solutions group, provides the following
trading update ahead of its Annual General Meeting, to be held this
morning at 10am:
The Group is pleased to announce that, following
its record performance for the year to June 2024, the positive
trading momentum has continued into the first quarter of the
financial year ending 30 June 2025.
The Group continues to outperform the sector,
against a challenging backdrop in commercial construction markets,
through its strategic focus on sustainable building products and
solutions, growing sales through customer service and innovation,
and targeted export opportunities.
Management is continuing to take action to
increase operating margins towards the medium term 15-20% target
set out at Alumasc's recent Capital Markets Event. The
consolidation of the Group's access cover manufacturing operation
into Halstead, announced in October 2024, is progressing well and
the Group's Dover site will close, as planned, at the end of
December 2024 delivering an annualised cost reduction of £0.8m
p.a.
ARP, acquired in December 2023, continues to
perform strongly and the delivery of the initial synergy targets is
well advanced.
The Group's balance sheet and cash generation
remains strong, supported by continued disciplined management of
working capital in the first three months of the financial
year.
While demand headwinds in Alumasc's key markets
are expected to persist for the rest of 2024, the quality of the
Group's businesses and the execution of its well identified
strategic priorities means the Board remains confident of
delivering another year of growth, in line with its
expectations.
Paul Hooper, Chief Executive,
commented:
"I am pleased that our strong trading momentum
has continued into the new financial year. We continue to
demonstrate our ability to outperform our commercial markets,
through execution of our proven strategy as outlined at our recent
Capital Markets Event. With strong foundations and a clear line of
sight to deliver our medium term ambitions, we remain well
positioned to deliver significant shareholder value."
Enquiries:
The
Alumasc Group
plc
+44 (0)1536 383844
Paul Hooper (Chief
Executive)
Simon Dray (Group Finance
Director)
Peel Hunt (Broker)
+44 (0)207 418 8831
Mike
Bell
Ed
Allsopp
Cavendish Capital Markets Ltd (Nominated
Adviser) +44 (0)207 220
0561
Julian Blunt
Edward
Whiley
Camarco (Financial
PR)
alumasc@camarco.co.uk
Ginny
Pulbrook
+44 (0)203 757 4992
Rosie Driscoll
Tilly
Butcher
Notes to
Editors:
Alumasc is a UK-based supplier of premium
sustainable building products, systems and solutions. Almost 80% of
Group sales are driven by building regulations and specifications
(architects and structural engineers) because of the performance
characteristics offered.
The Group has three business segments with
strong positions and brands in their individual markets. The three
segments are: Water Management; Building Envelope; and
Housebuilding Products.
Alumasc held a Capital Markets Event on 10
October 2024, providing an in-depth look at the Group's strategy
across its three divisions, and on the solid foundations which
underpin the Group's medium term growth ambitions. A copy of the
presentation, and a video recording of the event, are available on
the Group's website at www.alumasc.co.uk/investors/news/.