Alumasc, the premium building products, systems, and solutions Group, today provides a trading update for the ten months ended 30 April 2021.
Our absolute focus continues to be the safety of our employees, customers, suppliers, and sub-contractors as we continue to manage the impact of the Covid-19 pandemic in accordance with latest UK Government guidelines.
Following a record first half year performance that saw double digit revenue growth and also a double digit return on sales, it is pleasing to report that this momentum has continued into Alumasc's last four months.
All of Alumasc's divisions have contributed to this strong performance in the period. The businesses have been successful in winning market share and have been further supported by encouraging export sales. Additionally, the restructuring during FY 2020, which delivered £2.4m in annual cost savings, has supported improved margins. Levolux continues to benefit from its turnaround plan, with a return to consistent profitability and a substantially improved performance this financial year.
Conditions in our markets, particularly in the new build housing and RMI sectors, have continued to be strong into the second half year, underpinned by the government's continuation of its stamp duty holiday and first-time buyer support, and we would anticipate demand remaining strong through the remainder of the year to 30 June 2021. Our businesses have seen increasing raw material and shipping cost inflation in recent months, but these are being managed with customers and suppliers to maintain margins over the medium term. As a consequence of the continued strong momentum, the Board now expects that Alumasc's results for the year will be ahead of its previous expectations.
Paul Hooper, CEO, commented: 'The great potential for the Group is starting to be realised with a strong continuation of the good performance seen in H1.
Together with the benefit of the structural efficiency improvements made by the Group in recent years and the continuing progress on the Levolux turnaround plan, the Group is well positioned to benefit from the significant opportunities within our markets, both short and longer term.'
This announcement contains inside information for the purposes of Market Abuse Regulation (Regulation (EU) No. 596/2014). The person responsible for making this announcement on behalf of the Company is Helen Ashton, Group Company Secretary.