Business
Annual Results Announcement
Annual Results Announcement.
About this update from Alumasc Group Plc
[{"type":"text","content":"\n RNS Number : 3825S Alumasc Group PLC 09 September 2010 \n \n\n\n\n\n\n \n\n\n \n\n\n\n\nIMMEDIATE RELEASE\n\n\nThursday 9 September 2010\n\n\n\n\nTHE ALUMASC GROUP PLC - ANNUAL RESULTS ANNOUNCEMENT\n\"..emerging from recession a stronger business..\"\nAlumasc (ALU.L), the premium building and engineering products group, announces results for the year ended to 30 June 2010.\nFinancial Highlights\n· Group revenues of £93.0m (2008/09: £109.1m)\n· Underlying* PBT of £4.1m (2008/09: £5.2m)\n· Underlying* EPS of 7.9p (2008/09: 10.0p)\n· Reported PBT of £3.4m (2008/09: £1.8m)\n· Basic EPS of 6.2p (2008/09: 2.9p)\n· Strong cash flow performance - net debt reduced by £1m to £9.3m, gearing 33%\n· Substantially reduced pension deficit† (2010 valuation: £11.4m; March 2007/8 valuation: £28.5m) \n· Dividend maintained at 10p per share \n\nCommercial Highlights\n· Continued strategic focus on developing the sustainable Building Products business, including the introduction of selected product groups to overseas markets\n· Operating margin maintained at 6.1% as the result of Engineering Products recovery and £4.3m of fixed cost savings (taking total to £8.5m over the last two years) \n· Building Products revenues reduced by 18% to £64.5m, reflecting impact of late cycle exposure; divisional order book of £15.9m up 6% on last year\n· Turnaround in the Engineering Products division: £1.3m underlying* operating profit (2008/09: £1.4m underlying* operating loss) following appointment of new management team at Alumasc Precision, cost savings and partial market recovery\n· Order books at 30 June 2010 34% ahead of the low point on 31 December 2009\n* excluding brand amortisation, restructuring costs and impairment charges† based on triennial actuarial review\n \nPaul Hooper, Chief Executive, commented: \n\"Following the robust performance of the group through the recent recession, we believe Alumasc is well positioned to continue to make progress through uncertain times. The group's balance sheet remains strong, the funding of our pension schemes has improved significantly a...