Alumasc Group Share News (ALU)

Alumasc, a building and engineering products company, has said its profit recovery plan is now well under way, following serious difficulties with the group's Alumasc Precision Components (APC) operation.The recovery plan has been built around the appointment of a new divisional Managing Director, with a career of relevant industry experience, supported by a strengthening of senior management, including finance. A new APC board structure has been put in place, with specialist non-executive representation. In view of the progress to date, the new team remains confident of returning APC to profitability for the coming year, the firm said. In the meantime the other part of the Engineering Products Division, Dyson Diecasting, has continued to perform well winning new orders from customers such as Bentley, TRW and Siemens.The building products division has continued to perform broadly in line with expectations with developments being made despite continued softness in the UK construction sector. Net debt at April 30th was £17.8m compared to £13.4m at December 31st. The share price fell 8.15% to 62.00p by 14:45.NR