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Alliance News) - Alumasc Group PLC on Thursday reported an "outstanding" performance in the first half of its financial year against a background of the continuing presence of Covid-19 and hired a new finance director.
The Kettering, Northamptonshire-based building products supplier posted pretax profit in the six months ended December 31 was GBP5.5 million, up considerably from GBP2.1 million in 2019.
Revenue in the period was GBP45.6 million, up 11% from GBP41.1 million in the equivalent period in 2019, with UK revenue up 9% and exports, which represent 13% of group revenue, ahead by 23%. This reflects an increase in the company's market share won, particularly in its Roofing business and Water Management division.
Earnings before interest, tax, depreciation and amortisation in the period more than doubled to GBP7.4 million from GBP3.5 million in 2019.
Net bank debt at December 31 was GBP200,000 compared to GBP4.3 million at June 30, benefiting from strong focus on working capital management.
Alumasc said it plans to pay an interim dividend of 3.25 pence, up 10% from 2.95p that was declared in April last year but not paid due to the pandemic's onset.
"Alongside an increasingly strong financial performance, the group has undertaken a significant number of internal initiatives to act in an environmentally sustainable manner, including sourcing 50% of the group's electricity from sustainable sources. We are also in the process of setting internal metrics to monitor performance and aligning our ESG programme to TCFD and the UN Sustainability Goals," said Chief Executive Paul Hooper.
Looking ahead, Alumasc said it is in a strong position for the rest of its financial year despite concerns about Brexit and Covid-19.
"Our long-term strategy remains to continue to deliver profitable growth through our strategic positions in sustainable building products, while growing our export market. In spite of some potential industry headwinds, we will focus on delivering this to generate sustainable returns for all our stakeholders," Hooper added.
In addition, Alumasc has hired Simon Dray as finance director effective March 1. Dray worked as group financial controller at FTSE 100 hazard detection and life protection technologies manufacturer Halma PLC between 2002 and 2008, before joining Low & Bonar PLC, where he became director of strategy and mergers and acquisitions. Building materials firm Low & Bonar was bought by German's Freudenberg SE last spring.
Shares in Alumasc were up 2.8% at 146.00 pence in London on Thursday.
By Zoe Wickens; zoewickens@alliancenews.com
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