Interim Management Statement

RNS Number : 9081G

Alumasc Group PLC

19 May 2011

 



For release 7.00am 19 May 2011

THE ALUMASC GROUP PLC - INTERIM MANAGEMENT STATEMENT

Alumasc, the premium building and engineering products company, is publishing its final interim management statement for the year ending 30 June 2011 covering the period from 1 January 2011 to date.

Overall, the group's trading during this period has remained broadly in line with the Board's previous expectations.

Recovery in the UK construction market is still sporadic and Building Products' divisional order books currently remain at levels similar to those reported in February.

Alumasc Precision, the group's Engineering Products business, continues to exceed expectations and underlying demand across the customer base is still growing following the recovery from recession that has benefited the last twelve months. New business continues to be won, supplementing the significant new project announced earlier this year to supply large aluminium components into complex engine transmission systems.

In March 2011 we announced the disposal of a surplus group property near Kettering for £1.2 million, giving rise to a profit on disposal of £0.7 million.

In April 2011 we announced the sale of Alumasc Dispense to its management team for £0.9 million (equating broadly to its net asset value).

Alumasc agreed with its Pension Trustees to contribute an additional £1.0 million in aggregate in cash to the Company's pension schemes (both of which are now closed to future accrual) as a result of these disposals.  This will allow the group's ongoing regular deficit contributions to reduce from £2.3 million per year to £2.0 million per year for the next two financial years.

As a result of the profit arising from the property disposal, statutory profit before tax and basic earnings per share for the year are each expected to exceed underlying profit before tax and earnings per share respectively.

There have been no significant changes to the group's balance sheet since 31 December 2010.

The group's forward order book from continuing operations remains at approximately £40 million, and there is confidence that the various exciting new product and export development initiatives described in our interim report will benefit the group beyond this financial year.

Enquiries:

The Alumasc Group plc

Paul Hooper (Group Chief Executive)                                       Tel:  [phone]

Andrew Magson (Group Finance Director)                               Tel:  [phone]

Bankside Consultants

Simon Bloomfield                                                                     Tel: [phone]

This Interim Management Statement has been drawn up and presented for the purposes of complying with English law.  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 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.

 

END

 

 

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