Alumasc reports resilient first half performance
By Josh White
Date: Tuesday 03 Feb 2026
(Sharecast News) - Alumasc reported a resilient first-half performance for the six months ended 31 December on Tuesday, maintaining its interim dividend and reiterating confidence in delivering full-year expectations despite a more challenging trading backdrop.
The AIM-traded sustainable building products group recorded revenue of £50.4m, down from £57.4m a year earlier, reflecting building safety-related project delays, affordability pressures and uncertainty surrounding the Autumn Budget.
It noted that the prior-year comparator also included £5.5m of revenue from the Chek Lap Kok airport project in Hong Kong, compared with £0.1m in the current period, with further revenues from that project expected in the second half.
Underlying operating margins declined to 8.9% from 14.1%, reflecting lower revenues, although the group said further efficiency actions had delivered £1.1m of annualised cost savings and that its medium-term margin target of 15% to 20% remained unchanged.
It said underlying profit fell to £4m from £7.5m, in line with the expected weighting towards the second half, while statutory profit before tax was £4m, compared with £6.5m a year earlier.
The board maintained the interim dividend at 3.5p per share, citing a strong financial position and continued confidence in prospects.
Net debt increased to £7.7m from £4.6m a year earlier, representing leverage of 0.5 times, which the company described as conservative.
The increase reflected a temporary working capital build to support growing order intake for the second half, partly offset by a £0.5m non-underlying cash receipt from the sale of a Dover property.
Alumasc also reported a strengthened defined benefit pension position, with an IAS 19 surplus of £7.1m at the period end, up from £4.8m in June, allowing annual contributions to be reduced to £0.7m from September.
The group said momentum in its order book had strengthened towards the end of the period.
Excluding the Chek Lap Kok project, the order book was 27% higher than December 2024 and 50% higher than December 2023, including a £2m order for the first phase of a project at Changi Airport in Singapore, with potential for further work.
Alumasc highlighted a robust pipeline across UK infrastructure, including defence, schools, hospitals, prisons and transport, alongside growing overseas opportunities.
"We have had to manage a more challenging backdrop in the first half, with underlying headwinds compounded by uncertainty ahead of the delayed 2025 Autumn Budget," said chief executive Paul Hooper.
"Despite this, the Group has again shown its resilience and agility, enabling it to maintain its strategic progress."
"It has been pleasing to see strong momentum developing in our order intake in the latter part of the second quarter," he added, noting the strength of the order book and pipeline.
"With our strong portfolio of sustainability-linked products and the medium-term prospect of market recovery, we remain well positioned to deliver substantial shareholder value."
Alumasc said Pamela Bingham would join as chief executive designate on 2 March, with Paul Hooper retiring at the end of March to allow for an orderly handover.
At 1326 GMT, shares in the Alumasc Group were up 6.69% at 261.4p.
Reporting by Josh White for Sharecast.com.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN