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THE ALUMASC GROUP PLC - TRADING UPDATE Alumasc (ALU.L) is issuing a half year trading update in respect of its financial year ending 30 June 2012. Group revenues of around £54 million for the half year are some 9% ahead of the equivalent period last year1, driven mainly by continued strong growth at Alumasc Precision. Building Products' divisional revenues also remain ahead of prior year comparators, against a background of continued contraction in the UK Building Products market. However, the group's half-year underlying profit before tax will fall significantly short of the £2.1 million reported a year ago, due to two factors: · the continued pressure on margins in the Building Products division; · the significant one-off costs of meeting the higher than expected growth in customer demand at Alumasc Precision. The full extent of the additional costs at Alumasc Precision only became clear following receipt of the results of the December month end stock count earlier this week. Immediate action has been taken to curtail the excess level of expenditure as we enter the second half of our financial year. Group net debt at 31 December 2012 increased to £13.5 million, compared with £11.9 million at 31 December 2010, due to investment in working capital to support revenue growth in the intervening period, and the lower than expected half year profit.
http://www.investegate.co.uk/Article.aspx?id=201201120700254211V
http://www.investegate.co.uk/Article.aspx?id=201109060700106695N
Investors happy as Alumasc confirms dividend By Michael Millar Date: Tuesday 06 Sep 2011 LONDON (ShareCast) - Building and engineering products company, Alumasc, impressed investors with a 55% increase in profits in the year to the end of June. The firm also confirmed an unchanged final dividend of 6.75p per share, giving a total for the year of 10p per share. There had been fears that a deterioration in margins would see the firm cut its payout for shareholders. Pre-tax profits came in at £5.4m, which combined with the news of the dividend, sent shares up 6% in morning trading. Profits were driven by the firm's Alumasc Precision division, which benefitted from strong export demand from companies serving mining and construction sectors in emerging markets. Chairman, John McCall, said it had been a year of stark contrasts for UK business. "Early cycle businesses, such as precision engineering, where customers react swiftly to change in economic conditions, experienced strong recovery as distribution pipelines were replenished and global development programmes resumed," he said. "In contrast, those businesses with longer lead times, such as construction, continued to experience decline in demand as completed projects outstripped new work." The cut-back in public expenditure in the UK intensified this contrast, he added, with revenues from building products missing expectations, despite growing by by 10% to £71.2m. Overall, full year group revenues from continuing operations grew by £19.3m, or 22%, to £106.8m.
LONDON (Dow Jones)--U.K. building and engineering products company Alumasc Group PLC (ALU.LN) said Thursday full-year revenue rose 10% from 2010 and that its order book remains strong. The company said its order book now totals over GBP40 million, around 20% ahead of the corresponding year-end level and up more than 50% from its low point in December 2009, with the majority of the improvement at its Alumasc Precision engineering products division, which recently inked a deal with U.S. engines firm Caterpillar Inc. (CAT)to supply aluminum components for a complex transmission system. Net debt widened 17.2% to GBP10.9 million, GBP1.6 million higher than last year, which the company said was due to anticipated increases in working capital requirements as revenue grows. However, Alumasc said its borrowings levels remain comfortably within its committed financing facilities of GBP20 million Revenue at its building products division remains in line with its comparative figure from last year, the company said, adding that it remains to be seen whether the company is affected by the U.K. government's recent Comprehensive Spending Review, which aims to sharply reduce the amount of money spent by the state and that is consequently expected to negatively impact the construction sector. KBC Peel Hunt analyst Robin Hardy said: "The positive trends reported in the prelims continue. The order book is up, [Alumasc Precision] continues to power ahead, and the long-term recovery in EPS begins to look bedded in." He gives the company a strong "Buy" recommendation, with a target price of 160 pence. FinnCap analyst David Buxton said the Caterpillar deal locks Alumasc in with a strong customer. He said he believes the company should be attractive to investors and gives them a "Buy" recommendation, albeit with a lower target price of 138.0 pence and no change to forecasts. At 0934 GMT, shares were up 6.0 pence, or 4.98%, at 126.50 pence, outperforming a slightly higher FTSE All-Share index, which was up 0.9%
Wanted to sell this morning at a profit this morning, The barclays stockbrokers would not carry out the transaction. I wonder if anybody else had the same issue.
thanks for your opinion. i spent my spare cash topping up on speedy on friday instead. i should have just jumped in on this when i saw it (it was 84p then) by the time i had finished researching it was back to 94. definately one to watch though.
I still stand by the comment last year, you will be grabbing a bargain to buy this at the lower price, obviously dyor and don't invest what you can't write off, but the construction industry is slowly giving off good signals of positivity, I think a good investment for when the recovery in that sector starts...plus good dividends offering more than the banks at the mo.
i'm very tempted to buy in to these today, but i'm worried that i may have missed soemthing to cause this drop. does anyone know what it might be. i cant see a 13% drop just on the release of the management statement. is there something i've missed? thanks in advance.
I'm in, this is a no brainer as far as I can see, 10% dividends are better than the banks are offering, and the added bonus that the company has some cracking plans, and I notice that MIDAS has tipped these as well. If it's anywhere near as good as PCI then I'm happy...as usual good luck to all.
Must admit I am tempted - that dividend is pretty good and they do seem to have a good record of paying!
no sells in the last few days only buys!!....and yet the price does not move?
Bought in on these @140 just before everything went tits. I work for an architects firm and along with Bauder, Sarnafil and Vedag these guys are one of the main green roof suppliers for the uk. With the London plan now requiring green roofs for buildings over 1000sq ft and other cities to follow suit this can only benefit as the construction industry picks up. My one regret is not having any capital when kingspan were 2.3Euros around 9 months ago just put them back on my watch list and these are over 6 Euros now. DOH
excellent dividend .....5.8% at this level!