UK engineering and building product and solutions company Alumasc Group plc (LON: ALU) saw its share price rally on its announcement that its revenues had grown in a full-year, year-on-year comparison.
The Company announced that its revenues rose 4% to £90.1 million for the full financial year. Further, it added that its core business in roofing, water management and housebuilding products, performed strongly with year-on-year growth and margin imporvement.
Alumasc stated that its net debt had widened from £4.8 million to £5.1 million between the two full financial years. Further, underlying profit before tax narrowed by £0.4 million to £5.6 million, which the Company said reflected the ‘previously reported performance from Levolux’.
It was a mixed review for the Company’s shareholders; basic EPS narrowed 1.9p to 10.1p, and their total dividend remained level at 7.35p per share.
Paul Hooper, Chief Executive, said:
“During the year our Roofing and Water Management and Housebuilding Products businesses delivered solid performances. We took prudent action to restructure and refocus Levolux, to provide greater cross-selling opportunities with shared operational and administrative resources within the recently formed Alumasc Building Envelope division.”
“We remain cautious about the current economic climate in relation to the new build construction markets,but have taken the right mitigating actions and believe that our strong market positions, innovative products and experience will stand us well for the year ahead.”
The Company’s shares rallied 10.34% or 9.00p to 96.00p a share 05/09/19 14:54 BST. Peel Hunt reiterated their ‘Add’ stance on Alumasc stock. The Group’s p/e ratio is 6.04, their dividend yield inviting at 7.78%.
Elsewhere in building and development news, there have been updates from; Somero Enterprises Inc (LON: SOM), Barratt Developments Plc (LON: BDEV), Wincanton plc (LON: WIN) and Travis Perkins Plc (LON: TPK).