Alumasc Group PLC AGM Trading Update (7346P)
21 October 2021 - 05:00PM
UK Regulatory
TIDMALU
RNS Number : 7346P
Alumasc Group PLC
21 October 2021
Thursday 21 October 2021
THE ALUMASC GROUP PLC
('Alumasc' or 'the Group')
AGM Trading Update
Confident of strong year ahead
At the Annual General Meeting of Alumasc, the premium
sustainable building products, systems and solutions group, to be
held this morning at 10.00am, the Chairman will give the following
trading update to Shareholders:
"It is pleasing to report that, following the excellent set of
full year results published in September, trading during the first
quarter of our current financial year has continued at a good pace,
much as expected. While the pent-up demand from lockdown, present
in the prior year, has been absent, demand for our products has
remained at a healthy level, with physical considerations such as
transport frequently proving to be the restraining factors.
"However, despite the strength in demand, current trading in the
construction industry, and industry more generally, continues to be
far from normal. It is well documented that the prices of many
materials, such as building products and metals, and energy have
risen sharply, frequently due to shortages in supply following
Covid related actions. These cost increases have largely been
accepted by customers but discourage certain projects from
commencing on the new, higher cost base.
"It is equally well reported that the return to more normal
activity levels from the depressed levels imposed in managing the
pandemic has resulted in a number of logistical bottlenecks, with
transport to the fore. Maintaining our high service levels in these
circumstances has been both a principal objective during the
period, as well as a major challenge, which our teams have managed
well through close dialogue with our customers and suppliers.
"Our balance sheet continues to strengthen this year, as
effective working capital management has reduced our net debt
further since the year end, and rising bond yields have further
diminished the already much reduced pension deficit.
"The majority of our markets remain supportive, with public and
private RMI markets and infrastructure - both UK and export -
showing strong demand. Housebuilding fundamentals remain strong,
but are subject to supply chain constraints. Only the new-build
commercial sector remains subdued, with delays in project approvals
making the timing of the anticipated recovery in this sector
uncertain, despite a growing pipeline of opportunities.
"A good deal of our recent progress can be attributed to the
growing interest in and demand for sustainable construction and
resource-efficient buildings, for which Alumasc has a strong
offering. Our own Group-wide Net Zero planning continues and will
be published in due course. I am however pleased to report that
during the period our Housebuilding Products business, Timloc,
became the first Alumasc business to achieve carbon neutral
status.
"The Board does not expect the macroeconomic challenges to
alleviate in the short term but has confidence in the Group's
resilience and agility and the strength of its product and service
offering. Accordingly, it remains confident of another strong year
and trading continues in line with the Board's expectations."
John S. McCall, Chairman, The Alumasc Group plc.
Paul Hooper, CEO of The Alumasc Group plc, commented: "I am
encouraged by the first quarter's sales and order intake, which
help underpin this year's results after the exceptional performance
in the prior year. The recent export orders won by our Water
Management Division demonstrate the worldwide strength of our brand
and the quality of our products."
For further information please contact:
The Alumasc Group plc
Paul Hooper, CEO + 44 (0) 1536 383844
Simon Dray, Group Finance Director + 44 (0) 1536 383844
Helen Ashton, Group Company Secretary + 44 (0) 1536 383812
Peel Hunt (Broker)
Mike Bell + 44 (0) 207 418 8831
Ed Allsopp
finnCap (NOMAD)
Julian Blunt + 44 (0) 207 220 0561
Camarco
Ginny Pulbrook + 44 (0) 203 757 4992
Dan Sherwen
Email: alumasc@camarco.co.uk
Notes to Editors:
Alumasc is a UK-based supplier of premium building products,
systems and solutions. Almost 80% of group sales are driven by
building regulations and specifications (architects and structural
engineers) because of the performance characteristics offered.
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END
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