Alumasc Group PLC Trading Update (2859F)
July 15 2021 - 01:00AM
UK Regulatory
TIDMALU
RNS Number : 2859F
Alumasc Group PLC
15 July 2021
15 July 2021
THE ALUMASC GROUP PLC
("ALUMASC")
Trading Update - Strong finish to FY 2021
Alumasc, the premium building products, systems and solutions
group, provides a trading update for the year ended 30 June 2021,
ahead of publishing FY 2021 results on 7 September 2021.
The financial year to 30 June 2021 finished strongly, with
demand and margins holding up well in the final quarter. As a
result, revenue for the year ended 30 June 2021 is now expected to
be approximately GBP90m, c. 18% above the previous year, with
underlying profit before tax* for the year ahead of the Board's
previous expectations.
FY 2021
After a record first half performance, in which volume growth
was supplemented by around GBP2.5m of sales delayed from FY 2020 by
the initial Covid-19 lockdown, the underlying momentum was
maintained throughout the second half. Growth was achieved in all
three divisions, against a backdrop of resilient building and
construction activity and market share gains. Raw material and
shipping cost increases to date have been successfully recovered
through sales price increases.
Close control of costs and the benefit of the restructuring
implemented in FY 2020 have also contributed to the improved
profitability. Levolux delivered a substantially improved
performance during the financial year, returning to consistent
profitability on improved tendering and contract management
disciplines and a streamlined cost base.
Balance sheet and liquidity
As at 30 June 2021, the Group had net debt of GBP1.0m (compared
to GBP4.3m at 30 June 2020). This reflects the robust trading
performance and effective working capital focus throughout the
year. VAT deferred under the Covid-19 support scheme was repaid
during the year, with GBP0.7m outstanding at 30 June 2021, which is
due for repayment in the first half of FY 2022.
During the year, the Group exercised its option to extend the
maturity of its GBP20m revolving credit facility ('RCF') to April
2023. The Group's current debt facilities total GBP24m, comprising
the committed GBP20m RCF and overdraft facilities of GBP4m. This
places the Group in a strong position to pursue its plans for
further development.
Outlook
Alumasc's cost savings programme, liquidity management, strong
balance sheet and improved commercial positioning underpin a robust
platform that is well positioned to benefit from the long term
growth drivers in our market. Alumasc's primary aim is to manage
the long-term sustainability of the business and to focus on its
key strategic objectives, growing revenues faster than the UK
construction market and being a supplier of sustainable building
products.
Demand remains strong entering the new financial year, which has
started in line with management's expectations. The Board is
however cognisant of the potential for short-term disruption to our
customers' operations from shortages of building materials, labour
and road haulage; and delays in the global container shipping
industry.
Notwithstanding these risks, a strong platform is now in place
which should provide the Board with confidence for another strong
year.
This announcement contains inside information for the purposes
of Market Abuse Regulation (Regulation (EU) No. 596/2014) as
retained and applicable in the UK pursuant to S3 of the European
Union (Withdrawal) Act 2018 ('MAR'). The person responsible for
making this announcement on behalf of the Company is Helen Ashton,
Group Company Secretary.
* - underlying profit before tax is calculated before
amortisation of intangible assets, IAS19 pension costs and
non-recurring restructuring and relocation costs.
For further information please contact:
The Alumasc Group plc
Paul Hooper, CEO + 44 (0) 1536 383844
Simon Dray, Group Finance Director + 44 (0) 1536 383844
Helen Ashton, Group Company Secretary + 44 (0) 1536 383812
Peel Hunt (Broker)
Mike Bell + 44 (0) 207 418 8831
Ed Allsopp
finnCap (NOMAD)
Julian Blunt + 44 (0) 207 220 0561
Camarco
Ginny Pulbrook + 44 (0) 203 757 4992
Dan Sherwen Email: alumasc@camarco.co.uk
Notes to Editors:
Alumasc is a UK-based supplier of premium 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.
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END
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