Alumasc Group PLC Trading Statement (0408O)
May 15 2018 - 1:00AM
UK Regulatory
TIDMALU
RNS Number : 0408O
Alumasc Group PLC
15 May 2018
IMMEDIATE RELEASE 15 May 2018
The Alumasc Group plc (ALU.L) ("Alumasc" or "the group")
Trading Statement
Our statement of 14 March highlighted a number of economic and
construction industry factors, including project delays caused by
general market uncertainty and the fall-out from Carillion which,
together with poor weather, made the group's third quarter trading
conditions more challenging than expected.
Following that statement, construction activity was further
impacted by adverse weather conditions that prevailed into the
beginning of April. Market conditions continue to be slow in some
segments which is restricting the pace of recovery and resulting in
some projects that were previously forecast to contribute to this
year now moving into the next financial year. In view of this,
latest forecasts for the group's full year financial performance
are that group revenues will be 7-9% below previous expectations
with underlying profit before tax lower by 15-20%.
However, activity levels across the group recovered during April
as the weather improved and both revenue and profit finished the
month ahead of the previous April. Latest forecasts for the group's
final quarter performance to 30 June 2018 are also ahead of a
strong prior fourth quarter comparator.
The Board is mindful of the mixed signals for UK economic and
construction activity in the shorter term. Despite this, the Board
continues to have confidence in the medium and longer-term growth
prospects of Alumasc for the reasons set out in our previous
statements:
-- The strategic positioning of our business in specialist growth markets;
-- The consistent investment in recent years in growth resources
and additional capacity, including the successful commissioning of
the new Timloc factory in January;
-- Levolux and Alumasc Water Management's potential to further develop export markets; and
-- The acquisition on 1 February of Wade, a high-quality
business with development and synergy potential, and which has
delivered to expectations since acquisition.
Enquiries:
The Alumasc Group plc
Paul Hooper (Chief Executive) 01536 383821
Andrew Magson (Finance Director)
01536 383844
Glenmill Partners Limited
Simon Bloomfield
07771 758514
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTLFFLIESISLIT
(END) Dow Jones Newswires
May 15, 2018 02:00 ET (06:00 GMT)
Alumasc (LSE:ALU)
Historical Stock Chart
From Apr 2024 to May 2024
Alumasc (LSE:ALU)
Historical Stock Chart
From May 2023 to May 2024