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Alumasc targets acquisitions as pre-tax profit grows by 14%

Building and engineering products manufacturer Alumasc has revealed a 14 per cent pre-tax profit rise in its half-year results.

The group posted its strongest half-year results since 2008, driven by profitable growth in its building products division.

Group revenues in its half-year results, covering the six months to 31st December 2014, increased by 8 per cent to £49m, while profit before tax grew by 14 per cent to £4m.

In its building products division, revenues grew by 11 per cent to £45.2m (from £40.7m in 2013) and divisional operating profits rose by 22 per cent to £4.6m (from £3.7m in 2013) at operating margins of 10.1 per cent.

The company’s order intake for its building products division grew by 30 per cent, rising from £37.5m to £48.9m.

As a result, Alumasc will now be “proactively seeking building products acquisitions to complement organic growth opportunities”, according to a statement from the board.

The group is also currently discussing the sale of its precision products business APC with “a number of trade buyers”. The group had announced plans in October 2014 to divest this area of the business, which has a net book value of £6.5m.

In its last set of results - an interim management statement for the period to 1 July 2014 - Alumasc said turnover in its engineering products division was down by 10 per cent, while turnover in its building products division was up 9 per cent.

 

 

 

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