The financial year to 30th June 2020 ended with improving trading for Alumasc, with sales in the second half of May and during June significantly ahead of internal forecasts made earlier in the pandemic, the company said today.
Revenue for the year is now expected to be approximately £76m, down 16% on the previous year almost entirely as a result of the Covid-19 lockdown hitting sales in late March, April and early May. However, cost reduction initiatives, begun before the outbreak and accelerated during it, have benefitted profitability,
The net debt position is also better than expected, at £4.3m (compared to £5.1m a year ago).
In a trading statement, Alumasc said: “Encouragingly, improved levels of trading have continued into July, and all sites and manufacturing locations are now fully operational. Each location has implemented appropriate social distancing requirements without any loss of productivity.”
It added: “Alumasc's cost savings programme, liquidity management, strong balance sheet and improved commercial positioning underpin a robust platform that should greatly benefit the group into a broader economic recovery when it materialises.”