Last checked at 16 May 2014 07:00
For release 16 May 2014
THE ALUMASC GROUP PLC - INTERIM MANAGEMENT STATEMENT
The Alumasc Group plc (ALU.L) is issuing its final Interim Management Statement for the financial year ending 30 June 2014, covering the period from 1 January 2014 to date.Trading conditions have continued to be largely as described in our Interim Report.
Demand for products from our "early cycle" businesses, including housebuilding products, is beginning to improve. Consequently, our Alumasc Rainwater, Harmer Drainage, Rainclear and Timloc businesses are performing very strongly, whilst trading is yet to pick up for those businesses supplying larger projects to the commercial new build market in particular.
Demand for Precision Engineering Products has remained at similar levels to earlier in the financial year, with Alumasc Precision Components continuing to make steady progress in its recovery plan and Dyson Diecastings still performing well.
Group revenues in the period since 1 January have been some 6% lower than in the equivalent period of last year. This is mainly due to timing differences and reflects the exceptionally wet winter weather and delays to a number of larger construction projects, particularly at Levolux and in our roofing businesses.
Cash flow across the group remains strong and average levels of net debt continue to be the lowest since 2006, leading to lower interest costs on borrowings compared with last year.
Group order books currently amount to £37 million, (31 December 2013 : £35 million, 30 June 2013 : £44 million).
Activity levels in the Building Products division have been improving in recent weeks and latest sales forecasts suggest that trading in June will be stronger than in any month so far this financial year. The Board therefore expects, in the absence of further unforeseen delays, full year results to be in line with previous management expectations.
ENDS
Enquiries:
The Alumasc Group plc
Paul Hooper (Group Chief Executive) Tel: 01536 383821
Andrew Magson (Group Finance Director) Tel: 01536 383844
Glenmill Partners
Simon Bloomfield Tel: 07771 758517
This Interim Management Statement has been drawn up and presented for the purposes of complying with English laws and regulations. Any liability arising out of or in connection with this Interim Management Statement will also be determined in accordance with English law.
This Interim Management Statement may contain 'forward-looking statements'. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Many of these risks and uncertainties relate to factors either beyond The Alumasc Group's control or which cannot be estimated precisely, such as future market conditions and the behaviour of the market participants. Actual outcomes and results may therefore differ materially from any outcomes or results expressed or implied by any such forward-looking statements.
Nothing in this Interim Management Statement is intended to be a profit forecast.