For the year to 30 June 2013, Alumasc saw pre-tax profits reach £3.4m, up from £400,000 the previous year, on group revenue of £116.8m (2011/12: £110.6m).
Building products revenues rose by 18% to £88.3m with underlying operating profit up 91% to £8.4m, reflecting strong growth in both the UK and export markets.
Engineering products revenues fell by 20% to £29.4m as a result of a fall in demand in the second half year, as major customers experienced a slowdown in the mining industry. Nevertheless, as a result of further progress with Alumasc Precision's profit improvement plan and strong profitability achieved by Dyson Diecasting, the division reduced its operating loss by 40% to £0.5m. Demand started to recover in the final quarter of the year, the company said.
Chairman John McCall said: "Alumasc recovered strongly from the poor performance of the previous year, growing revenues, profits and cash generation. The board expects the improvements of the past year to flow through to our new financial year. While confident of the rewards to be had from our own actions, uncertainties inevitably remain as to external demand and the effectiveness of government stimulus programmes. On balance, we expect the recovery achieved in the past year to continue."
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