Information  X 
Enter a valid email address

Alumasc Group Plc (ALU)

  Print          Annual reports

Thursday 25 October, 2007

Alumasc Group Plc

Interim Management Statement

Alumasc Group PLC
25 October 2007

Thursday 25 October 2007


                       "Alumasc has made a strong start"

Alumasc (ALU.L), the premium building and engineering products company, is
holding its Annual General Meeting at 10.30am today and is publishing its first
Interim Management Statement, as required by the UK Listing Authority's
Disclosure and Transparency Rules, in relation to the year ending 30 June 2008.

* Benefiting from the rising order books reported in September's Preliminary
Announcement, Alumasc has made a strong start to the current financial year.
Revenues from continuing operations in the first quarter to 30 September 2007
increased by 25% to over £30 million with profits also well ahead, driven by
further growth in the Building Products division, including a good first-quarter
performance from Levolux.

* On a like-for-like basis, excluding Levolux (the UK's leading supplier of
solar shading systems acquired on 1 May), group revenues from continuing
operations increased by approximately 7%.

* Building Products' divisional revenues increased by over 50% to £21 million.
Excluding Levolux, divisional revenues grew by almost 20%, driven by a strong
start to the year in the rainwater and drainage businesses, particularly
Slotdrain, and early signs of an improvement in demand for MR Facade systems
which are sold into the social housing refurbishment sector.

* Engineering Products' divisional revenues from continuing operations reduced
by 15% to £9.8 million, reflecting the expected slower start to the year at
Alumasc Precision prior to the new projects with Aston Martin, Deutz and
Caterpillar coming fully on-stream. This division's performance will also
benefit from the efficiency improvement programme currently under way.

* The sale of Brock is now fully complete with all sales proceeds received as
anticipated at the year end. The former Copal warehouse in Birmingham was sold
in September, as expected, for its book value of £0.7 million.

* Group net debt reduced to £11.1 million (30 June 2007: £12.9 million), in line
with the strong trading performance.

John McCall, Chairman, commented: "Alumasc has performed well in the first
quarter, particularly in the Building Products division. Levolux has continued
its good start within the group and it is reassuring to see early signs of an
improvement in social housing demand. Whilst it is too early to judge whether
higher interest rates and the recent turbulence in financial markets will affect
economic activity later in the year, order books currently remain strong."


The Alumasc Group plc
Paul Hooper (Group Chief Executive) Tel: 01536 383821
Andrew Magson (Group Finance Director) Tel: 01536 383844

Bankside Consultants
Rose Oddy Tel: 0207 367 8853

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

                      This information is provided by RNS
            The company news service from the London Stock Exchange

a d v e r t i s e m e n t