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LONDON (Alliance News) - Building and engineering products company Alumasc Group PLC Tuesday upped its interim dividend as it saw pretax profit improve in its first half, buoyed by better performances from its Roofing and Walling businesses.
Alumasc proposed an interim dividend of 2.5 pence for the half year to end-December 2014, up from 2.2 pence a year before.
The company posted pretax profit of GBP3.2 million, up from GBP2.9 million a year before, as revenue rose to GBP49.0 million from GBP45.2 million.
Alumasc said that the actions taken over recent years at Roofing and Walling had helped profit, alongside an improving UK market place. In its Rainwater, Drainage, and House Building Products businesses revenues rose 17%.
In its Construction Products arm, the company's Gatic business had a "satisfactory" first half, as it did not benefit from any individual large project in the UK. A US project it won last summer is underway, and will boost the business's second half.
Alumasc said that early signs of improved order intake in its Levolux building indicates some recovery in the UK new-build market, particularly in London and the South East.
The company said that historically it has seen a heavier weighting towards its second half, but said that in its current year this is expected to be offset by the timing of larger construction projects, which are expected to make a "more significant" contribution in the first half of the following year.
"The board believes the group is well positioned to continue to grow its Building Products business both in this financial year and beyond," said Chief Executive Officer Paul Hooper in a statement.
Shares in Alumasc are trading up 4.6% at 125.00 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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