Materials group hit by falling demand
Building and engineering products group Alumasc has revealed its revenue was slashed by 27% last year, compared with 2008.
The group recorded a £44.5m revenue in 2009, compared with £60.7m the previous year.
Its underlying pre-tax profit was also 47% lower, at £1.9m last year, from £3.5m in 2008.
The greatest drop was in Alumasc's engineering products, which fell 38% in the first half of 2009; revenue from its building products dropped 22%.
However, the company said sales of traditional cast-iron and aluminium rainwater goods had remained robust, supported by demand from refurbishment project.
Chief executive Paul Hooper said: “Short-term market conditions are expected to remain challenging and there are uncertainties as to the level of public sector expenditure that can be sustained after the forthcoming UK general election.
However, the second half should benefit from a variety of new product and business development initiatives.”