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Alumasc reveals acquisition aims

Building and engineering products manufacturer Alumasc has announced a 14% pre-tax profit rise in its half-year results, covering the six months to 31st December 2014.

It was its strongest half-year result since 2008, driven by profitable growth in its building products division.

Group revenues increased by 8% to £49m, while profit before tax grew by 14% to £4m.

Its building products division grew revenues by 11% to £45.2m (from £40.7m in 2013) and divisional operating profits rose by 22% to £4.6m (from £3.7m in 2013), at operating margins of 10.1%.

Order intake for the building products division grew by 30%, rising from £37.5m to £48.9m.

As a result, Alumasc will now be “proactively seeking building products acquisitions to complement organic growth opportunities”, according to a statement from the board.

It is currently discussing the sale of its precision products business APC with “a number of trade buyers”. The group had announced plans in October 2014 to divest this area of the business, which has a net book value of £6.5m.

In its last set of results – an interim management statement for the period to 1 July 2014 – Alumasc said turnover in its engineering products division was down by 10%, while turnover in its building products division was up 9%.