Mixed bag from Alumasc

BUILDING and engineering products group Alumasc, which has large operations in Shropshire and Staffordshire, has delivered a mixed set of results with profits up but revenues down.

In the six months to the end of December group revenues were £57.2m compared to £59.5m in the same period in 2012.

Underlying profit before tax, however, was up from £2.7m to £3m.

The firm said the 11% increase in underlying profit before tax, on group revenues down 4%, reflects improved overall margins, better than expected cashflow and a lower interest charge for the period on reduced net debt.

Building products revenue were down 5% to £42.4m, due to lower revenues from the £12m Kitimat contract in Canada and completion of work under the Community Energy Savings Plan last year.

Engineering Products achieved operating profit of £0.1m (H1 2012/13: £0.3m loss) on revenues up 2% to £15.5m. 

Alumasc Precision Components remains in loss although the firm says there is increasing confidence that further progress can be made to improve the operational performance of the business, with new work from existing customers expected in H2. 

Dyson Diecastings delivered a record H1 performance. 

Paul Hooper, chief executive, said: “On balance, in view of all the factors described in the interim statement, the first half result and the normal seasonality of the business, the board expects the group to achieve its previous expectations for full year performance.”

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