Business
ANNUAL RESULTS ANNOUNCEMENT
ANNUAL RESULTS ANNOUNCEMENT.
About this update from Alumasc Group Plc
[{"type":"text","content":"\n \nRNS Number : 0605N Alumasc Group PLC 03 September 2013 \n \n\n\n\n\n\nIMMEDIATE RELEASE\n\n\n3 September 2013\n\n\n\n\nTHE ALUMASC GROUP PLC - ANNUAL RESULTS ANNOUNCEMENT\nAlumasc (ALU.L), the premium building and engineering products group, announces results for the year ended 30 June 2013.\nFinancial summary\n\n\n\n\n\n\n\n2012/13\n \n\n\n2011/12\n\n\n\n\nGroup revenues (£m)\n\n\n116.8\n\n\n110.6\n\n\n\n\nUnderlying profit before tax (£m)\n\n\n5.1\n\n\n1.6\n\n\n\n\nUnderlying earnings per share (pence)\n\n\n10.7\n\n\n3.0\n\n\n\n\nReported profit before tax* (£m)\n\n\n3.4\n\n\n0.4\n\n\n\n\nBasic earnings per share (pence)\n\n\n6.6\n\n\n1.2 \n\n\n\n\nDividends per share (pence)\n\n\n4.5\n\n\n2.0\n\n\n\n\n* After brand amortisation, restructuring costs & impairment charges of £1.7m (2011/12: £1.2m)\nKey points\n· Building Products revenues rose by 18% to £88.3m with underlying operating profit up 91% to £8.4m, reflecting strong growth in both the UK and export markets, including the Kitimat smelter refurbishment project in Canada.\n· Engineering Products revenues fell by 20% to £29.4m as a result of a fall in demand in the second half year, as major customers experienced a slowdown in the mining industry. Nevertheless, as a result of further progress with Alumasc Precision's profit improvement plan and strong profitability achieved by Dyson Diecasting, the division reduced its operating loss by 40% to £0.5m. Demand started to recover in the final quarter of the year.\n· £5.5m net cash inflow (2011/12: £2.5m outflow), reflected higher overall profit, further working capital efficiency improvements, carefully prioritised and controlled capital spend, and some cash received in advance on construction contracts. \n· Net debt was £7.7m at 30 June 2013 (30 June 2012: £13.2m). \n· A proposed final dividend of 2.5p makes a total for the year of 4.5p (2011/12: 2.0p), reflecting recovery in profitability and strong cashflow, whilst taking into account future cashflow needs, including investment to further grow the business and pension funding. \n \nChairman, John McCall, commented:\n\"The Board expects the improvements of the past year to flow through to our new financial year. While confident of the re...