Thursday 24 October 2013 THE ALUMASC GROUP PLC ("ALUMASC" OR THE "GROUP") INTERIM MANAGEMENT STATEMENT Alumasc, the premium building and engineering products company, is publishing its first interim management statement for the year ending 30 June 2014 covering the period from 1 July 2013 to date, ahead of its Annual General Meeting being held in London at 10.30am today. The new financial year has started well, maintaining the momentum of the previous year. Whilst Group revenues are only a little ahead of prior year levels, operating margins have continued to increase due to the greater relative maturity of larger construction contracts, a strong performance from our Rainwater & Drainage brands, improving results in our Roofing business and lower operating losses at Alumasc Precision as the recovery plan progresses. The broad trends observed across our businesses in the previous financial year have continued. The Building Products division continues to outperform the UK construction market and exceed our internal expectations. Dyson Diecastings continues to perform very well. However, Alumasc Precision Components remains in loss following the reduction in sales volumes reported in the second half of the prior financial year. Cash performance continues to be ahead of expectation, with net debt so far this financial year being on average some £3 million lower than a year ago. Order intake remains satisfactory, with the overall order books now standing at £36 million compared with £44 million at 30 June 2013. This movement has been driven largely by the delivery of work on the large Kitimat order in Canada and a lower order book at APC following reduced demand from China. In view of the positive trends remaining as before, the Board's expectations for the full year are unchanged. END
14 Oct '13
The investment made in experienced and motivated management, new products and markets, increased exports, and the strengthening of our established brands, has placed the Building Products division in a strong position. Meanwhile, the ongoing progress being made by the new management team in the Engineering Products division will continue to benefit the current year. Alumasc has a well developed strategy that continues to drive performance, despite the challenging market conditions. The Board expects the group to continue to deliver these plans and make further progress in the year ahead.
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