Key points
Alumasc has accelerated revenue and profit growth following its strategic decision to focus on Building Products.
Earnings enhancing disposals during the year of the loss-making Alumasc Precision Components ("APC") business for £5.8m and the non-core Pendock Profiles business for £1.5m.
Building Products continued to outperform the UK construction market (by an average 3% per annum over the past 5 years) with revenue UP 12% to £90.3m and underlying operating profit UP 23% to £9.8m.
All building products operating segments improved year on year results.
Solar Shading & Screening profit UP 83% to £0.9m on maintained revenue of £16m. Levolux is continuing to gain traction in North America and, with 30 June order books 19% ahead of last year, should increase revenues and margins in 2016 and beyond.
Roofing & Walling revenue UP 22% to £32.8m and profit UP 28% to £3.8m. Following the appointment of high calibre managers over the past 3 years, Roofing has been transformed into a strongly profitable business with sales volume growth achieved from the introduction of new products, systems and solutions, and synergies from the full integration of Blackdown (green roofs) and Roof-Pro (roofing support) with the larger Roofing business. Facades had a record year with strong demand in Scotland under the HEEPS funding regime. It is growing new build specification sales.
Rainwater, Drainage & Housebuilding Products revenue UP 11% to £23.9m and profit UP 5% to £3m. A new umbrella brand, Alumasc Water Management Solutions, was launched to encompass the Alumasc Rainwater (gutters and downpipes), Harmer (building drainage) and Gatic (civil drainage) brands. Investment in people and new products drove growth in all areas including a record post-acquisition performance from Rainclear. Capacity constraints experienced in H1 are resolved for now, but anticipated ongoing growth means AWMS and Alumasc Roofing will move to a new £10m purpose built facility near Kettering in 2017. Timloc (house building products) had another record year and will consolidate from two leased sites to one near the M62, also in 2017.
Construction Products revenue UP 13% to £17.6m and profit UP 25% to £2.1m. Gatic had a strong year in domestic and international markets including a major project at Doha Port, and successfully launched new drainage products in the USA. Scaffold and Construction Products again delivered growth in revenue and profit.
Group order books of £26.5m at 30 June 2015 were 27% up on a year ago.
20% dividend increase to 6.0 pence for the year reflects improved performance and prospects.
