REG - Alumasc Group Plc - Final Results - Unaudited
Tue 07:00
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RNS Number : 5530X Alumasc Group PLC (The) 02 September 2025
IMMEDIATE RELEASE
Tuesday 2 September 2025
THE ALUMASC GROUP PLC
("ALUMASC")
FULL YEAR RESULTS ANNOUNCEMENT
DELIVERY OF STRATEGIC PRIORITIES DRIVING CONTINUED MARKET OUTPERFORMANCE
Alumasc (ALU.L), the premium sustainable building products, systems and
solutions Group, announces its unaudited results for the year ended 30 June
2025.
HIGHLIGHTS:
· Revenue growth of 13% to £113.4m (FY24: £100.7m), including
organic growth of 7%
o Growth driven by sustainability-linked innovation, outstanding customer
service, enhanced technical sales capabilities and expanded export focus
o Six year revenue CAGR of 8.0% reflects the effectiveness of the Group's
commercial strategy
· Underling profit before tax* increased by 9% to a record £14.2m
(FY24: £13.0m); 6 year CAGR is 13.3%.
· All three divisions delivered record results, despite the
persistence of challenging market conditions, benefitting from a sustained
focus on improving productivity and efficiency
o Building Envelope division achieved 11% organic increase in revenue to
£41.8m (FY24: £37.6m)
o Housebuilding Products achieved exceptional 9% organic revenue growth to
£16.1m (FY24: £14.8m), outperforming the sector that saw a 29% drop in
housebuilding starts in 2024, following a 20% decline in 2023 (CPA Summer 2025
Forecast)
o Water Management division saw strong growth in export activity, led by the
acceleration of a large project at Chek Lap Kok airport in Hong Kong,
offsetting weaker UK demand. Together with a strong full year contribution
from ARP, revenue grew by 15% to £55.5m (FY24: £48.3m)
· Basic earnings per share was 25.9p (FY24: 24.3p), and underlying
earnings per share was 29.9p (FY24: 26.9p)
· Progressive dividend policy reflects Board's continued confidence
in outlook:
o Final dividend proposed at 7.6p (2023/24: 7.3p) per share, contributing to
a full year dividend of 11.1p (FY24: 10.75p) per share
SUCCESSFUL EXECUTION OF STRATEGIC AND COMMERCIAL PRIORITIES TO DRIVE
SHAREHOLDER VALUE
Remain focused on championing sustainable building products
· >80% of portfolio aligned with strong environmental growth
drivers
· 20% reduction in our Scope 1, 2 and business travel GHG emission
intensity (76% reduction since 2018)
· Scope 3 emission calculations and net zero roadmap are well
progressed; we expect to publish them later in the year
Accelerating Organic Sales Growth- leveraging strong position in sustainable
building products
· Continued development of the Group's export markets, which
accounted for 13% of Group revenues in FY25 (FY24: 10%)
· FY25 organic revenue growth was 7.0%, well ahead of overall UK
construction market growth, which the CPA estimated at 0.5% in 2024 and 1.9%
in 2025
Driving margin improvement
· Operating margin declined slightly during period to 13.7%
(FY24(restated): 14.3%), with improved margins at Building Envelope and
Housebuilding Products offset by an adverse sales mix in the Water Management
division
· Further initiatives implemented to deliver lasting productivity
and efficiency improvements: medium term operating margin target range remains
at 15-20%
o Focus on improving operating efficiency. The relocation of the Group's
access covers manufacturing will reduce annual operating costs by c.£0.8m
o Purchasing synergies from the ARP acquisition: have delivered £0.3m of
structural cost reductions and are expected to total an annualised £0.8m by
the end of FY26
Value accretive investment
· ARP acquisition continues to perform well
· Significant investments include the completion of the £3m access
covers manufacturing facility at our Halstead site in the year, equipment and
tooling to support our Housebuilding Division's manufacturing agility and
efficiency, and new product development programme
OUTLOOK
· Alumasc's diversity of innovative products and geographies
provide resilience against the continued short term volatility being
experienced across many sub-sectors of the construction market
· Medium term growth drivers are strong, with supportive
legislation and regulations covering energy use, water management and building
safety
· Further opportunities from planned Government investments in
areas such as healthcare, prisons and defence
· Alumasc's focussed and agile business model enables the Group to
continue to deliver strategic progress in uncertain markets and react quickly
to increases in demand
· With substantial capacity across all of its businesses, Alumasc
remains well positioned to generate further growth in shareholder value as
commercial markets' demand recovers and grows
· FY26 is likely to be H2 weighted, due to the profile of overseas
sales
· Board remains optimistic for another successful year of growth
Commenting on the results reported today, Paul Hooper, Chief Executive, said:
"We are pleased to report the Group has delivered a 9% increase in underlying
operating profits and 13% revenue growth despite a highly challenging
construction market environment; this is clear evidence of the strength of our
business model with its high-quality, innovative product offering, diversity
of end markets; and the rising demand for sustainable solutions driven by
climate change and evolving building regulations.
We have continued to develop innovative systems and products, helping us gain
valuable market share. Our diversified model gives us strong access to
infrastructure, commercial property and UK housebuilders alongside specialist
sectors globally, enabling us to capture increasing demand across multiple
channels and geographies.
During the period, we've continued to advance our portfolio of environmentally
efficient products, whilst also reducing our own environmental footprint,
helping us to continue to be an effective champion for sustainable solutions.
We remain committed to building on our growth, both organically and through
strategic acquisitions. The Board remains confident in Alumasc's ability to
consistently deliver strong results and navigate market headwinds, positioning
us to continue to outperform the sector as we head into FY26."
Enquiries:
The Alumasc Group plc
Paul Hooper (Chief Executive)
+44 (0)1536 383844
Simon Dray (Group Finance Director)
Cavendish (Nominated Adviser & Joint
Broker)
Julian Blunt, Edward Whiley (Corporate Finance)
+44 (0)207 908 6000
Tim Redfern (ECM)
Peel Hunt (Joint Broker)
Mike Bell
+44
(0)207 418 8831
Ed Allsopp
Camarco (Financial PR)
Ginny Pulbrook
+44 (0)203 757
4992
Tilly
Butcher
+44 (0)203 757 4991
alumasc@camarco.co.uk
Notes to Editors:
Alumasc is a UK-based supplier of premium sustainable building products,
systems and solutions. Almost 80% of Group sales are driven by building
regulations and specifications (architects and structural engineers) because
of the performance characteristics offered.
The Group has three business segments with strong positions and brands in
their individual markets. The three segments are: Water Management; Building
Envelope; and Housebuilding Products.
Chair's Statement
Alumasc's relentless focus on executing its growth strategy led to revenue
growth of 13%, including organic growth of 7%, despite the persistence of
challenging market conditions. All three divisions delivered revenue and
profit growth, resulting in record Group underlying profit before tax* (UPBT)
of £14.2m (FY24: £13.0m) and underlying earnings per share* of 29.9p (FY24:
26.9p).
Statutory profit before tax from continuing operations was £12.3m (FY24:
£11.7m).
* reconciliations of underlying to statutory profit before tax and earnings
per share are provided in notes 5 and 9.
Performance - financial and ESG
Alumasc's strong performance was achieved by driving revenue growth and
increased market share by developing high quality products and delivering
exceptional customer service, combined with a sustained focus on improving
productivity and efficiency. There were stand-out performances from our
Building Envelope (underlying operating profit grew by £0.6m/13%) and
Housebuilding Products (underlying operating profit growth of £0.4m/11%)
divisions where a consistent ability to understand and meet customers' needs
has enabled both divisions to take market share and grow into adjacent
markets. While the Water Management division was impacted by project delays in
the UK, stronger overseas sales, including an acceleration in call offs at our
airport contract in Hong Kong, also helped that division to post underlying
operating profit growth of £0.3m/4%.
We continue to focus on developing environmentally efficient products to meet
customer needs and contribute to their carbon and water efficiency objectives,
while reducing our own environmental impacts. Over 80% of our sales in the
year were derived from products delivering specific sustainability benefits,
in many cases relating to legislative or regulatory requirements. We achieved
a further 20% reduction in our Scope 1, 2 and business travel GHG emission
intensity (76% reduction since 2018). Our scope 3 emission calculations and
net zero roadmap are well progressed, and we expect to publish them later in
the year.
Our main priority in the workplace is the safety of our people and this is the
first item for discussion and review at each Board meeting. I am pleased that
we continue to make progress in this area and the number of days lost as a
result of accidents in 2024/25 was three (2023/24: five days lost). However,
we must not be complacent and Health & Safety remains a key priority for
the Board and management teams.
Strategy and ambitions
We remain committed to driving both organic and acquisitive growth. Our
management teams have once again demonstrated their ability to organically
grow revenues faster than the wider construction market. We are also pleased
with the strong contribution that the ARP business, acquired in FY24, has made
in its first full year.
We have examined a number of acquisition opportunities in the year and will
continue doing so. We will maintain a very disciplined and rational approach
to considering acquisitions and will have regard to any business' ability to
add value to our shareholders as well as our ability to help the target
business be more successful through synergies and complementarity with
Alumasc's existing offerings.
Defined Benefit pension scheme
At the end of June 2025, the Scheme had a surplus on an IAS 19 basis of £4.8m
(June 2024: £0.8m). Following the conclusion of the Scheme's 2025 actuarial
valuation, we have agreed to reduce the pension contributions to £0.7m p.a.
from September 2025 (previously £1.2m p.a.). This commitment should help the
scheme become fully funded under the Pension Regulator's new low dependency
basis over the next 3 to 5 years, while allowing us to invest more funds in
enhancing growth in the Alumasc business.
Dividends
Reflecting the Board's confidence in the Group's prospects, a final dividend
of 7.6p will be recommended which, if approved by shareholders, will be
payable on 4 November 2025. With our interim dividend of 3.5p paid in April
2025, this would make a total dividend per share of11.1p (FY24: 10.75p), in
line with our medium-term objective of 2.5-3.0 times earnings cover and
progressive dividend policy.
Our leadership and people
Following a thorough process, I am delighted that Andrew Barraclough joined
the Board as an independent non-executive director on 1 August 2025. An
architect and design specialist, Andrew brings 40 years of experience of
working in the construction industry. Most recently, Andrew was the Group
Design Director at Wates. He is already adding valuable customer perspectives
to the Board and management teams, and we look forward to his support to our
teams in identifying and pursuing opportunities to add value in the external
market.
Our record results this year are entirely down to the leadership of our
management teams and the people in our business units. It is their hard work
and commitment to delivering great products and a fantastic service that makes
Alumasc successful. On behalf of the Board and our shareholders, I thank each
and every one of them for their ongoing contribution to Alumasc.
Looking ahead
Post pandemic, Alumasc has consistently achieved year on year growth and our
management teams are committed to delivering similar growth in the time ahead.
While commercial market conditions remain challenging, with macroeconomic and
geopolitical uncertainty, Alumasc will remain focused on developing quality
products and providing superior service to the market. We are therefore
optimistic that our growth strategy, with an emphasis on environmentally
sustainable products, will deliver further growth in shareholder value in the
medium to longer term.
Vijay Thakrar
Chair
2 September 2025
Chief Executive's Review
Financial Highlights and Overview
FY25 FY24 % change
Group performance from continuing operations:
Revenue (£m) 113.4 100.7 +13%
Underlying profit before tax (£m) * 14.2 13.0 +9%
Statutory profit before tax (£m) 12.3 11.7 +5%
Underlying earnings per share (pence) * 29.9 26.9 +11%
Basic earnings per share (pence) 25.9 24.3 +7%
6 6
Dividends per share (pence) 11.1 10.75 +3%
* Reconciliations of underlying to statutory profit before tax and earnings
per share are provided in notes 5 and 9.
Overview of Performance
Against a further year of market challenges, in particular in the UK, the
Group produced another year of record performance in FY25. Revenue grew by 13%
to £113.4 million (6 year CAGR is 8.0%) and underlying profit before tax
increased by 9% to £14.2 million (6 year CAGR is 13.3%).
All of the above was achieved despite only modest growth in the overall UK
construction market of 0.5% * (#_ftn1) and a 29%(*) slowdown in 2024 in UK
housebuilding starts.
It was especially heartening to have all three divisions move their revenue
and profit ahead of the prior year, with each setting a new divisional profit
record. Whilst the Group's operating margin reduced slightly to 13.7%
(FY24(restated): 14.3%), due to a higher proportion of lower-margin overseas
sales in Water Management, the Group continued to implement lasting
productivity and efficiency improvements which underpin confidence in
achieving the medium term operating margin objective of 15% to 20%.
Organic revenue growth was an encouraging 7.0%.
There was strong growth in export activity led by the acceleration of a large
project in Chek Lap Kok Airport in Hong Kong. Export revenues grew by 45% to
account for 13% (FY24: 10%) of Group sales.
Group revenue included an incremental £5.7 million from the first full year
of ARP, the Water Management business acquired in late December 2023. It
achieved a strong gross margin and a good return and, as previously indicated,
the substantial purchasing synergies presented by the acquisition will fully
benefit the Group in future financial years.
*Source: CPA Summer 2025 forecast
Divisional review
(a) Water Management
Revenue: £55.5 million (FY24: £48.3 million)
Underlying operating profit*: £8.0 million (FY24(restated): £7.7 million)
Underlying operating margin*: 14.5% (FY24(restated): 15.9%)
Operating profit: £6.1 million (FY24(restated): £6.9 million)
* Prior to restructuring costs of £1.5 million (FY24: £0.6 million) and
intangible asset amortisation charges of £0.4 million (FY24: £0.2 million)
The Water Management division grew its revenue by £7.2 million (15%),
delivering a record year for revenue and profit. This was a commendable
achievement and included an additional £5.7 million from the full year of
ARP. Excluding this, revenues increased by £1.5 million (4%). It is good to
have this strong organic growth against what has been a challenging UK
marketplace, which has been further impacted by planning delays arising from
implementation of the National Planning Policy Framework (NPPF) and the
Building Safety Act. The underlying operating margin reduced to 14.5% (FY24:
15.9%), due to the higher proportion of overseas sales, which generally have a
lower margin than UK projects.
Notable successes in the year were the winning in the UK of the Amazon project
in Burton Latimer. The first shipments of Gatic Engineered Access Covers from
their new manufacturing location in Halstead, Essex, were made to Heathrow
Airport, who were delighted at the very high precision and quality of the
finished product. We were very pleased to also have the local MP Sir James
Cleverley, open the extended facility at Wade, Halstead. Export successes
included the pull through of the majority of the very delayed Chek Lap Kok
Airport in Hong Kong. We were also pleased to supply a Gatic Slotdrain project
to Neom, Saudi Arabia. Just before the year end we commenced the supply of a
significant 12km Slotdrain order to a NATO airport in Slovakia. We continue to
expand our geographical reach and we were very pleased that following our
investment in representation in Latin America, a large Gatic Covers and
Slotdrain order was won at Suape Port, Brazil.
As reported at the half year, we took the opportunity to vacate the access
covers manufacturing facility at Dover. I would like to take this opportunity
to thank once more the fantastic attitude and loyalty of the Dover workforce
who remained hard working, committed and professional to the end of the
facility's operations.
(b) Building Envelope
Revenue: £41.8 million (FY24: £37.6 million)
Underlying operating profit*: £5.3 million (FY24(restated): £4.7 million)
Underlying operating margin*: 12.7% (FY24(restated): 12.4%)
Operating Profit: £5.3 million (FY24(restated): £4.7 million)
* No adjustments in FY25 or FY24
The Building Envelope division grew its revenue by £4.2 million (11%), all
organic, and also achieved a record underlying operating profit of £5.3
million.
The strategic focus on developing new and improved systems which enhance
sustainability continues to help the division gain market share, in particular
carbon absorbing membranes, and Bio Solar systems which combine cost
reductions and energy generation to enhance payback. New product developments
have been in cold liquid systems along with non-combustible insulation offers.
The recruitment of high calibre sales and technical staff has been a
significant contributor to its results. We also continued to develop our own
trainees which, after the initial investment period, has also proven to be
highly effective in the field.
The Building Safety Act 2022 has been a focus, to satisfy compliance
requirements and ensure our products meet the latest needs in the market
place.
A strategic move has been made to work with large property owners, for
instance with well-known high street brands with property portfolios. This
also gives improved visibility of future revenue.
(c) Housebuilding Products
Revenue: £16.1 million (FY24: £14.8 million)
Underlying operating profit*: £4.2 million (FY24(restated): £3.8 million)
Underlying operating margin*: 26.0% (FY24(restated): 25.5%)
Operating profit: £4.2 million (FY24(restated): £3.8 million)
* No adjustments in FY25 or FY24
During a very difficult market period in the last twelve months, with the CPA
reporting a decline in housebuilding new starts of 29% during 2024 (following
a 20% decline in 2023), our Housebuilding Products division (Timloc) grew its
revenue by 9% and its operating profit by 11%, all organic. This was an
outstanding performance and represented another record for the division.
Timloc's 'self-help' has continued with its relentless focus on giving its
customers its industry leading next day service, and this is exemplified by
its continued 100% OTIF (On Time In Full) performance combined with its low
carriage-paid order values. The value of this service offering, combined with
the continued success of its recent product launches such as the Timloc
Inventive Roof Tile Vents and Fire Rated Cavity Stop Socks, all contributed to
Timloc taking further market share and moving into adjacent markets.
The continued focus and investment in rigorous cost controls, automation, and
energy efficient injection moulding machines, have all contributed to the
achievement of an underlying operating margin of 26.0%, 50 basis points ahead
of the prior year.
Timloc's focus on sustainability, including the introduction of its
environmental products declarations (EPDs), leaves it well positioned to
support the housebuilders' drive to build carbon zero homes and to meet the
current underlying demand for new houses when market conditions improve.
Strategic review
The Group's performance reflects its continued focus on its strategic
priorities.
Accelerating organic revenue growth
The Group has continued to progress its long-term strategy to deliver
profitable growth, by leveraging its strong positions in sustainable building
products, backed by trusted brands and market-leading customer service and
support. This has been supplemented by continued development of the Group's
export markets, which accounted for 13% of Group revenues in FY25 (FY24: 10%).
The Group's FY25 organic revenue growth was 7.0%, well ahead of overall UK
construction market growth, which the CPA estimated at 0.5% in 2024 and 1.9%
in 2025.
Driving margin improvement
The Group's consistently high margins are a result of the strength of its
product portfolio and its relentless focus on efficiency.
The Group's underlying operating margin declined in the year to 13.7%
(FY24(restated): 14.3%), with improved margins at Building Envelope and
Housebuilding Products offset by the impact of an adverse sales mix at Water
Management division.
The Group has taken further steps this year to improve its operating
efficiency. The relocation of the Group's access covers manufacturing, from
Dover to the Group's facility in Halstead, took place as planned in December
2024, and will reduce annual operating costs by c.£0.8m. Further progress was
made on delivering the purchasing synergies from the ARP acquisition. To date
these have delivered £0.3m of structural cost reductions and we expect these
to total an annualised c.£0.8m by the end of FY26.
These measures, and the benefit to mix from the anticipated improvement in UK
volumes, are expected to mitigate recent cost increases and leave the Group on
track to meet its medium term operating margin target range of 15-20%.
Championing sustainable building products
Alumasc is in a very strong position to benefit from the continued move
towards sustainable construction and greener buildings, both in terms of its
own actions and through the development of its portfolio of products to manage
energy consumption; and to improve climate resilience within the built
environment through effective water management solutions.
Over 80% of Alumasc's product portfolio is designed to address some of the key
environmental challenges facing the building and construction industry. During
the year further products were launched to capitalise on green building trends
and forthcoming regulations, including timber-framed construction and the
Future Homes Standard.
We also seek to minimise our own impacts on the environment and were pleased
to report a further 20% reduction in our greenhouse gas emission intensity.
This was ahead of our near-term targets, reflecting our ongoing investments in
energy efficient machinery and the electrification of our vehicle fleet. Our
scope 3 emission calculations are being reviewed prior to external validation
later in the year. We have also published our first tranche of environmental
product declarations, covering 30% of the products from Gatic and Wade and 70%
of Timloc's products.
Value-enhancing investment
Our strategy of prioritising organic growth opportunities while seeking
value-enhancing acquisitions has continued in FY25. Significant investments
include the completion of the £3m access covers manufacturing facility at our
Halstead site in the year, along with equipment and tooling to support our
Housebuilding Products Division's manufacturing agility and efficiency, and
their new product development programme.
ARP, acquired in December 2023, continues to perform well, and the final
£0.75m earn-out was paid in full this year. Integration efforts are well
underway, including realisation of further purchasing and manufacturing
synergies with our site in Burton Latimer. Our acquisition pipeline remains
healthy, and management continue to evaluate a shortlist of opportunities.
Outlook
Alumasc has an exceptional portfolio of businesses supplying sustainable
solutions to address the challenges of climate change within the built
environment. The strength and agility of our business model has enabled the
Group to progress in uncertain markets and to react quickly to increases in
demand. This has been evidenced in these results and our long history of
commercial market outperformance.
The Group's medium term growth drivers remain strong, with supportive
legislation and regulations covering energy use, water management and building
safety; as well as further opportunities from planned Government investments
in areas such as healthcare, prisons and defence.
With substantial capacity across all of our businesses, we remain well
positioned to take advantage of a recovery in demand across our markets,
securing further upside for our shareholders.
Looking into FY26, while the profile of overseas sales will likely result in
an H2 weighting, the Board remains optimistic for another successful year of
growth.
G Paul Hooper
Chief Executive
2 September 2025
Financial Review
Performance
The Group continued to execute its growth strategy, despite challenging
conditions in many of its end markets, and its FY25 results reflect both
organic and inorganic growth.
Strong organic and inorganic growth
Group revenue was £113.4m, 12.6% higher than FY24 (£100.7m). This comprised
7.0% from organic growth and a 5.6% incremental contribution from ARP, which
was acquired at the end of December 2023.
Gross profit was £43.0m (FY24: £38.3m), with gross margin 10 basis points
behind the prior year at 37.9% (FY24: 38.0%). Cost increases, including the
rise in April 2025 in Employers' National Insurance Contributions and the
National Living Wage, which will add an annualised £0.6m to Group overheads,
continue to be mitigated by structural cost reductions, efficiency gains and,
where appropriate, price increases.
Underlying operating profit* was £15.6m (FY24(restated): £14.4m),
representing an underlying operating margin of 13.7%, a 54 basis point
reduction compared to the prior year (FY24(restated): 14.3%). Improved margins
at Building Envelope and Housebuilding Products were offset by the impact of
an adverse sales mix at Water Management, particularly in the second half of
the financial year, with an increase in the proportion of lower-margin
overseas sales. Structural actions to improve our margins continued in the
year, including the relocation of our access covers manufacturing operation to
Halstead in December 2024, and delivery of procurement synergies from the ARP
acquisition.
Underlying profit before tax* grew by 9.4% to £14.2m (FY24: £13.0m). The
inorganic contribution from ARP represented 4.1% (£0.5m) of the increase,
after interest charges on the acquisition consideration. Organic growth was
5.3%.
Statutory profit before tax - calculated after deduction of non- underlying
items - was £12.3m (FY24: £11.7m).
* reconciliations of underlying to statutory operating profit and profit
before tax are provided in notes 4 and 5.
Non-underlying items
The Board reports underlying profit and underlying earnings as an alternative
performance measure, for internal performance analysis, planning and employee
compensation arrangements. This measure excludes certain items such as
amortisation of acquired intangible assets, pension scheme finance costs,
acquisition expenses and restructuring costs, which are non-trading and/or
exceptional by their size and incidence.
The non-underlying items in the current and prior financial year were:
£m FY25 FY24
Amortisation of acquired intangible assets 0.4 0.2
Restructuring costs 1.5 0.5
Acquisition expenses 0.1 0.3
Non-underlying operating expenses 2.0 1.0
IAS 19 pension scheme finance (income)/costs (0.1) 0.2
Non-underlying finance costs (0.1) 0.2
Total non-underlying items 1.9 1.2
- Amortisation of acquired intangible assets of £0.4m (FY24: £0.2m)
is a non-cash charge arising from the application of accounting standards, to
write off the estimated value of brands and other intangibles associated with
acquired businesses over their estimated useful life.
- Current year restructuring costs of £1.5m were incurred in
relocating the access cover manufacturing operations from Dover to Halstead
(FY24: £0.3m) and in commissioning the new equipment. A further £0.2m charge
in the prior year was incurred in reorganising the division's sales and
commercial teams.
- Acquisition expenses of £0.1m (FY24: £0.3m) relate to the Group's
ongoing acquisition activities including, in the prior year, the acquisition
of ARP.
- IAS19 pension scheme finance income of £0.1m (FY24: £0.2m expense)
is a non-cash item related to the Group's legacy defined benefit scheme, and
is calculated by actuaries to reflect the notional financing income/cost of
the Group's pension surplus/deficit.
The disposal of a site in Dover, vacated when the access covers manufacturing
operation relocated to Halstead, completed in August 2025. The resulting
£0.5m of proceeds and £0.4m of profit will be recognised as non-underlying
income in FY26.
Taxation
The Group's underlying effective tax rate was 24.2% (FY24: 25.5%), compared to
the average UK corporation tax rate for the year of 25.0% (FY24: 25.0%). The
Group's effective tax rate varies in line with the UK tax rate and the balance
of available reliefs, non-taxable income and expenses, and in FY25 was reduced
by a higher proportion of overseas income taxed at lower rates. The Group's
underlying effective tax rate for FY26 is expected to be around 25.7%.
The Group's effective tax rate on statutory profit before tax was 23.9% (FY24:
25.4%). A reconciliation of this rate to the average UK corporation tax rate
for the year is included in note 7.
Earnings per share
Basic earnings per share from continuing operations was 25.9p (FY24: 24.3p),
and underlying earnings per share from continuing operations was 29.9p (FY24:
26.9p).
Dividends
The Board has recommended to shareholders a final dividend of 7.6 pence per
share (FY24: 7.3 pence), which will absorb an estimated £2.7m of
shareholders' funds. This has not been accrued in these accounts as it was
proposed after the end of the financial year. Subject to shareholder approval
at the Annual General Meeting on 24 October 2025, it will be paid on 4
November 2025 to members on the share register on 26 September 2025. The
closing date for dividend reinvestment plan (DRIP) elections is 10 October
2025.
Together with the interim dividend of 3.50 pence per share (FY24: 3.45 pence)
paid to shareholders on 8 April 2025, this will bring the total distribution
for the year to 11.1 pence per share (FY24: 10.75 pence), which is covered 2.7
times (FY24: 2.5 times) by underlying earnings per share, consistent with our
medium-term dividend cover objective of 2.5-3.0 times.
Cash flows and net debt
Underlying operating cash flow
£m FY25 FY24
(restated, see note 1)
Underlying operating profit 15.6 14.4
Depreciation and underlying amortisation 3.9 3.2
Share-based payments 0.2 0.3
Working capital movements (1.9) 0.8
Underlying operating cash flow 17.8 18.7
Pension deficit funding (1.2) (1.2)
Cash generated by underlying operating activities 16.6 17.5
Operating cash conversion 106% 122%
Non-underlying cash flows (1.6) (0.8)
Cash generated by operating activities 15.0 16.7
Cash generated by underlying operating activities - before non-underlying cash
flows - was £16.6m (FY24: £17.5m). Working capital was well managed
throughout the year, despite extended shipping times presenting some
challenges, with the average working capital balance over the year
representing 15.7% of revenue (FY24: 14.9%). However the profile of revenues
over the second half of the year was weighted towards the final quarter, due
in particular to the timing of shipments into the Chek Lap Kok airport
project, and the Group carried a higher than usual trade receivables balance
into FY26. This is expected to normalise over the first quarter of FY26.
Annual pension payments of £1.2m (FY24: £1.2m) reflected the contribution
level agreed at the 2022 triennial valuation with the trustees.
Despite the higher trade receivables balance, cash generated by underlying
operating activities represented 106% (FY24: 122%) of underlying operating
profit, ahead of the Group target of at least 100%.
Cash outflows in respect of non-underlying items were £1.6m (FY24: £0.8m).
Proceeds of £0.5m from the disposal of the vacant Dover site were received in
August 2025 and will be recognised as a non-underlying cash inflow in FY26.
Movement in net bank debt
£m FY25 FY24
(restated, see note 1)
Cash generated by operating activities 15.0 16.7
Capital expenditure (2.6) (3.6)
Interest (1.3) (1.2)
Tax (2.6) (2.1)
Lease principal repaid (1.6) (1.2)
Other cash flows (0.3) (0.3)
Free cash flow 6.6 8.3
Acquisition of businesses (including cash acquired) (0.7) (8.5)
Purchase of own shares (0.5) (0.5)
Dividend payments (3.9) (3.7)
Decrease/(increase) in net bank debt 1.5 (4.4)
Capital expenditure was £2.6m (FY24: £3.6m), representing 67% (FY24: 113%)
of depreciation/amortisation. This included £1.2m (FY24: £2.3m) of
expenditure on machinery, tooling and building work at Water Management's
Halstead site, to complete the relocation of the Access Covers manufacturing,
and investments in plant and tooling at Housebuilding Products to improve
capacity and new product development capabilities.
Interest payments of £1.3m (FY24: £1.2m) included a full year of interest on
the ARP acquisition.
Tax payments were £2.6m, £0.5m higher than the prior year (FY24: £2.1m),
due to higher payments on account on higher taxable profits.
After repayment of £1.6m (FY24: £1.2m) of lease liabilities and other
payments of £0.3m (FY24: £0.3m), free cash flow was £6.6m (FY24: £8.3m).
The ARP acquisition comfortably met its post-acquisition financial targets,
and the final £0.75m earn-out payment was paid in full in January 2025.
Cash paid to acquire shares in the Group, to fulfil the vesting of employee
share options, totalled £0.5m (FY24: £0.5m); and dividend payments in the
year were £3.9m (FY24: £3.7m).
The decrease in net bank debt in the year was £1.5m (FY24: £4.4m increase).
Net debt
£m 30 June 2025 30 June 2024
(restated, see note 1)
Net bank debt 5.8 7.2
IFRS 16 lease liabilities 6.9 7.0
Total (IFRS 16) debt 12.7 14.2
IFRS 16 lease liabilities at 30 June 2025 and 2024 have been restated to
include leased vehicles, which were previously considered immaterial and
recognised as an operating lease. An equivalent right-of-use asset has been
recognised in property, plant and equipment and this adjustment has no impact
on the Group's reported or underlying profit before tax or net assets.
Net bank debt at 30 June 2025, on which the Group's banking covenants are
based, was £5.8m (2024: £7.2m). Total debt, including lease liabilities, was
£12.7m (2024(restated): £14.2m).
Financial position
Group net assets at 30 June 2025 were £41.0m (2024: £33.5m).
Pensions
The Group accounts for its legacy defined benefit pension retirement
obligations in accordance with IAS 19 Employee Benefits, based on the market
value of scheme assets and a valuation of scheme liabilities using a discount
rate based on AA rated corporate bond yields at year end. Mortality and
inflation rates assumptions have been aligned with updated actuarial
information. The IAS 19 defined benefit scheme net asset at 30 June 2025,
before deferred taxes, was £4.8m (2024: £0.8m). The scheme surplus has been
recognised on the Group balance sheet, as the Group has an unconditional right
to recover any surplus on settlement of the scheme's liabilities.
The contribution rate is agreed with the trustees based on actuarial
valuations rather than the IAS 19 deficit.
Following the triennial review in March 2025, the Group has agreed to reduce
its annual contributions to £0.7m from September 2025. This level of
contributions is intended to allow the scheme to reach a position of low
dependency (where the scheme is expected to be able to meet its future
liabilities using prudent investment assumptions, with a low likelihood of
requiring further contributions from the Group) prior to the scheme's point of
significant maturity in 2030.
Banking facilities and covenants
The Group's treasury function aims to ensure the availability of sufficient
liquidity to meet the Group's operational and strategic needs, at optimal
cost. The Group projects facility utilisation and compliance with the
associated covenants during its short-term forecasting, annual budgeting and
strategic planning exercises, to ensure adequate headroom is maintained,
taking account of the Group's expected performance and investment plans.
At 30 June 2025, the Group's banking facilities comprised:
- An unsecured committed £25.0m revolving credit facility, which
expires in August 2027;
- An uncommitted £20.0m accordion facility, which would allow the
Group to increase its revolving credit facility to £45.0m if exercised and
approved; and
- Overdraft facilities, repayable on demand, of £4.0m. Facility
headroom at 30 June 2025 was £19.2m (FY24: £17.8m).
The covenants associated with these facilities are set out below, together
with the reported figures at 30 June 2025 and 2024:
Covenant 30 June 2025 30 June 2024
Net debt: EBITDA <2.5 0.35 0.5
Interest cover >3.5 16.9 15.6
Return on investment
The Group defines its invested capital as shareholders' funds, including
historic goodwill but excluding net bank debt, pension deficit (net of tax)
and lease liabilities. The Group's post-tax return on invested capital
(underlying operating profit after tax, divided by invested capital) was 24.3%
(FY24: 25.1%), substantially higher than the Group's weighted average cost of
capital, which the Group estimates to be circa 12%.
Capital structure and capital allocation
The Group aims to create value by delivering strong and sustainable financial
returns well in excess of its cost of capital. It achieves this by investing
the capital provided by its cash-generative operations and its strong balance
sheet in a disciplined manner consistent with its long-term strategy. The
Board's capital allocation priorities are:
- Maintaining debt at a prudent level, with a gearing ratio (net debt
to EBITDA) below 1.5x, while:
- Investing in organic growth, principally through capital expenditure
and investment in organisational capabilities, particularly in research and
development, manufacturing capacity and efficiency, and sales, customer
support and marketing resources;
- Providing regular returns to shareholders through a progressive
dividend policy, which aims to increase dividends broadly in line with
earnings, while maintaining a prudent level of cover; and
- Investing in inorganic growth, identifying bolt-on acquisition
targets in current or adjacent markets, which complement the Group's existing
businesses and deliver synergies.
Simon Dray
Group Finance Director
2 September 2025
PRINCIPAL RISKS AND UNCERTAINTIES
Risks and uncertainties Mitigating actions taken
Climate change
• Improving partnerships and relationships in our supply chain to combat
disruption and potential price increases, greater resilience provided through
Risk/impact additional supply chains following the acquisition of ARP
Potential impact on our supply chain and increased volatility in the prices of • Greater resilience and reduced direct shipment costs by using
raw materials, and other supplies. suppliers from different geographical locations
Sudden climate change events, such as increased severe and extreme weather • Ensuring suppliers and logistics partners understand the risks of
conditions and storms, could impact our supply chains, shipments, and business climate change and provide continuity plans
processes.
• Increased demand for water management and resilient drainage systems
Regulations increasing costs could be imposed on manufacturing, certain to combat the impact of climate change
processes, fuels/ goods used, impacting prices for products that customers
require. • Strategic buying of core products and localised and efficient stocking
• Development of targets for reducing our Scope 1, 2 and 3 greenhouse
gas emissions
• Investment in new technology to manufacture new products to address
the needs of climate change, with improved energy efficiency
• Our strategy includes helping customers address climate change, by
selling and creating innovative products with sustainable qualities and
eco-friendly credentials. Our products have energy saving and low carbon
qualities that can be part of low carbon and net zero solutions
• Providing environmental data for our customers, employees, investors
and stakeholders and developing End Producer Declarations for
Alumasc-manufactured products
• Greater use of electric vehicles
• Ensuring our estate management strategy includes premises where we can
use solar panels, having efficient heating and energy use
Geopolitical and macroeconomic uncertainty and conflict
• Strategic positioning and targeting of export markets/sectors
anticipated to grow faster than the UK construction market
Risk/impact
• Constantly seeking new markets and receiving revenues from a variety
Macroeconomic uncertainty triggered by invasion, wars, and conflicts on a of end-use construction markets - thus providing resilience
global basis and global geopolitical uncertainty causing economic risk.
• Monitor industry trends and market conditions and manage demand
Inflationary pressures on raw material, energy supplies and services, pay, forecasts at management meetings
taxes, and other costs could impact our strategic ambition to increase organic
growth. • Development of added value systems and solutions that are underpinned
by legislation, building regulation and/or specified by architects and
engineers
• Continuous development and introduction of innovative green products,
systems, solutions, and services that are market leading and differentiated
against the competition. The strength of our products and our specialist sales
force, and our increased export sales help us outperform against difficult
market conditions
• Increasing supply chain flexibility and resilience
• Limited exposure to currency risk, mainly the euro and US dollar.
These exposures are hedged where appropriate, in line with timing and
likelihood of currency exposures
• Supply chain is managed through clear contracting processes, pricing
and any cost increases that cannot be avoided or mitigated are passed on
through sales pricing
Supply chain/inflation
• Annual strategic reviews, including supplier, quality, reliability,
and sustainability
Risk/impact
• Brand and product strength has allowed cost increases to be largely
recovered through higher prices
International supply chain risks increased following the pandemic and • Regular key supplier visits, focus on relationships, quality control
significant geopolitical uncertainty due to international tension and reviews and training. Opportunity to integrate/use/adopt cost efficient supply
conflicts. The residual issue is price inflation, skilled staff shortages, chains and raw material procurement from ARP Group Holdings Ltd (acquired
increased tariffs/duties, post-Brexit risks in the EU and geopolitical December 2023)
uncertainty following the wars/ conflicts in Ukraine and the Middle East.
• Maintaining adequate stock for resilience if there is supply chain
interruption
• Supply chain strategies are used to avoid dependence on single sources
of supply
• Supplier questionnaires and export checks are completed to ensure
compliance with Group policies, including anti-bribery, anti-fraud,
anti-modern slavery and ESG
• Training provided on customs duties, particularly on managing evolving
arrangements post Brexit
• In part offset by product innovation and increasing market share for
these new products
Cyber security and business interruption
• Cyber risk is owned by the IT Director with divisional management
teams, and the Board receives regular updates.
Risk/impact
• IT disaster recovery plans are in place for all businesses and tested
annually
Cyber security risks and business interruption risks are increasing globally. • Awareness training and management briefings held on cyber security
risks and actions taken as preventative measures
The risk of a business disruption from IT systems failure or cyber-crime could
cause business interruption, loss of data and financial or reputational • Security protocols and software are installed to continually monitor,
damage. and mitigate new and evolving cyber threats
• Secure email and internet traffic filtering intelligence is in place
protecting the business against malware and viruses penetrating the Group's
network
• Cyber security reviews and audits are conducted on a regular basis
with our security partners
• Critical plant and equipment are identified, with associated
breakdown/recovery plans in place
• Employee awareness programs are run simulating potential risks,
mitigated through cyber security training and our layered system of network
security to protect against cyber-attacks and/or security breaches. Our
infrastructure is constantly being reviewed
• Additional systems are being implemented to improve resilience,
support growth plans and drive efficiency. Implementation risks are mitigated
via the use of third parties, qualified project managers, and increased user
testing
Credit risk
• Most credit risks are insured
Risk/impact • Large export contracts are backed where possible, by letters of
credit, performance bonds, guarantees or similar, where possible
• Any risks taken above insured limits are subject to strict delegated
The risk is that credit is extended, and customers are unable to settle authority limits
invoices. The Group manages credit risks, and the contribution from the UK
Government Export Credit Scheme for overseas opportunities has supported • Credit checks performed when accepting new customers/new work
export opportunities.
• The Group employs experienced credit controllers and aged debt reports
are reviewed at monthly subsidiary Board meetings
Health & Safety risks
• Health & Safety and staff wellbeing is a core value of management
and the first Board agenda item
Risk/impact
• Health & Safety commitment communicated to all levels of the
business with procedures in place to manage and report on compliance
Health & Safety incident/injury could occur despite a strong culture and • Risk assessments are carried out and safe systems of work documented
previous performance. and communicated
Consequential reputational risk and legal costs. • Near-miss reporting and remediation is conducted at all sites
• All safety incidents and significant near misses are reported at Board
level monthly, with appropriate remedial action taken
• Group Health & Safety best practice days are held twice a year,
chaired by the Chief Executive
• Annual external audits of Health & Safety are conducted in all
Group businesses by independent consultants and other specialist advisers
• Health & Safety training provided, and implementation is
monitored. There has been continued focus on increasing the number of staff
being trained in Health & Safety across the business as this ensures a
strong Health & Safety culture is in place
• Investigations are carried out to identify root causes, key learning
points and ensure continuous improvement and a Health & Safety culture.
Key learnings are shared across the business
• Specific focus on improving safety of higher-risk operations, with
external consultancy support as needed
Staff recruitment and retention risks
• Remuneration packages are appropriate to the position: staff are
encouraged and supported to grow their careers through training and
Risk/impact development
• Remuneration Committee considers retention and motivation when
considering the remuneration framework
• Board and Executive Committee focus on staff retention and reward,
Potential lack of skilled employees and skilled people being available for supported by HR and external advice
recruitment and risk of loss due to wage inflation and the cost-of-living
crisis impacting staff. Risk of not being able to take on/retain key skilled • Employee numbers and changes monitored in monthly subsidiary Board
staff. meetings
• Competitive salaries offered, along with training and development
opportunities
• Retention plans for key, high-performing, and high-potential employees
• The Group has Mental Health training and wellbeing and Employee
Assistance programmes in place
• Succession planning for key roles
Product/service differentiation relative to competition not developed or
maintained
• A devolved operating model with both Group and local management
responsible for developing deep knowledge of our specialist markets and
identifying opportunities and emerging market trends
Risk/impact
• Innovation best practice planned at Group level is carried out more
regularly in each business. New product ideas are discussed as part of the
businesses' strategy
Failure to innovate. New products are required to grow and maintain
competitive advantage. • Annual Group strategy meetings encourage innovation and 'blue sky'
thinking
• New product introduction/development KPI used to monitor progress
• Monitoring the market for potentially new and/or disruptive
technologies
• Customer feedback considered in design and/or supply of additional
products and services
• Devolved structure allows an agile approach to business and ability to
meet increasing demand for products
• Employed new product managers to help identify gaps in the market and
ensure we have a leading- edge portfolio of products and services
Loss of key customers
• We have strong established brands that are recognised and specified by
our customers, and outstanding customer service to aid customer retention
Risk/impact
• Cross-selling of products encouraged to grow revenues, and introduce
customers to all our product ranges
The risk is the loss of markets or customers. Risk of loss of customers to • Develop and maintain strong customer relationships through service
competitors, project delays and reduced spending. excellence and dedicated account management
Any deterioration of relationships with customers could adversely impact our • Product, system, and service differentiation and reliability
revenue and impact our organic growth ambitions.
• Project tracking and enquiry/quote conversion rate KPI
• Continued investment in customer relationship management (CRM)
software
• Organisational and business agility to understand and adapt to
changing and emerging customer needs
• Developing new and innovative products for existing and new
customers/markets
• The Group operates credit insurance to cover the potential impact of
bad debts. Service and client relationships also need to be maintained to
retain and grow the business
Legacy defined benefit pension obligations
• Continue to grow the business so that relative affordability of
pension deficit contributions is improved over time
Risk/impact
• Continue to maintain constructive dialogue and relationship with
Pension Trustees to enable active management of scheme liabilities and assets
to reduce/eliminate the deficit
The long-term funding of the pension scheme removes funds that would otherwise
be re-invested to grow the business. The funding may be affected by poor • Affordable pension funding commitments agreed to eliminate the deficit
investment performance of the pension scheme investments or changes in the over a reasonable timeframe
discount rate applied.
• Regular review at Group Board level
• Use of specialist advisers
• Investment performance and risk/return balance overseen by the
Trustees and company representatives with the advice of specialist investment
advisers.
• The Trustees are pursuing a lower risk investment strategy to match
liability risks and reduce future volatility
Product warranty/ recall risks
• Robust internal quality systems, compliance with relevant legislation,
building regulations and industry standards (e.g., ISO, BBA etc.), and product
Risk/impact testing, as appropriate, meeting global standards
• Group insurance programme to cover larger potential risks
Risk is one of product recall with subsequent cost and reputational risks; • Back-to-back warranties obtained from suppliers where possible
however, the Group does not have a history of significant warranty claims or
product recalls.
consolidated STATEMENT of comprehensive income
For the year ended 30 June 2025 (unaudited)
Year ended 30 June 2025 Year ended 30 June 2024
(unaudited) (restated*)
Underlying Non-underlying Underlying Non-underlying
Total Total
Continuing operations: Notes £'000 £'000 £'000 £'000 £'000 £'000
Revenue 4 113,414 - 113,414 100,724 - 100,724
Cost of sales (70,374) - (70,374) (62,444) - (62,444)
Gross profit 43,040 - 43,040 38,280 - 38,280
Net operating expenses
Net operating expenses before non-underlying items (27,456) - (27,456) (23,897) - (23,897)
Other non-underlying items 5 - (1,979) (1,979) - (1,041) (1,041)
Net operating expenses (27,456) (1,979) (29,435) (23,897) (1,041) (24,938)
Operating profit 4,5 15,584 (1,979) 13,605 14,383 (1,041) 13,342
Net finance (costs)/income (1,391) 60 (1,331) (1,412) (195) (1,607)
Profit before taxation 5 14,193 (1,919) 12,274 12,971 (1,236) 11,735
Tax expense 7, 9 (3,435) 500 (2,935) (3,308) 321 (2,987)
Profit/(loss) for the year 10,758 (1,419) 9,339 9,663 (915) 8,748
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Actuarial gain on defined benefit pensions, net of tax
2,077
3,083
Items that are or may be reclassified subsequently to profit or loss:
Effective portion of changes in fair value of cash flow hedges, net of tax
25 (38)
Exchange differences on retranslation of foreign operations
(181) (30)
(156) (68)
Other comprehensive profit for the year, net of tax 1,921 3,015
Total comprehensive profit for the year, net of tax 11,260 11,763
Earnings per share Pence Pence
Basic earnings per share 9 25.9 24.3
Diluted earnings per share 9 25.3 24.2
* The statement of comprehensive income for the year ended 30 June 2024 has
been restated to present vehicle lease costs as depreciation and finance cost
in accordance with IFRS16. See note 1.
Reconciliations of underlying to statutory profit and earnings per share are
provided in notes 5 and 11 respectively.
consolidated statement of financial position
At 30 June 2025 (unaudited)
Notes 2025 2024 (restated)* 2023 (restated)*
(unaudited)
£'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment - owned assets 15,983 15,670 13,227
Property, plant and equipment - right-of-use assets 6,651 6,755 6,033
Goodwill 12,678 12,678 8,526
Other intangible assets 6,048 6,621 2,073
Deferred tax asset - - 1,081
Employee benefit asset 4,823 794 -
46,183 42,518 30,940
Current assets
Inventories 13,159 13,153 11,561
Trade and other receivables 26,209 21,518 20,748
Cash at bank 6,406 6,410 5,995
45,774 41,081 38,304
Total assets 91,957 83,599 69,244
Liabilities
Non-current liabilities
Interest bearing loans and borrowings (12,200) (13,662) (8,848)
Lease liability (5,549) (5,445) (4,908)
Employee benefit obligations - - (4,323)
Provisions (1,797) (1,880) (1,185)
Deferred tax liabilities 7 (4,450) (3,772) (1,614)
(23,996) (24,759) (20,878)
Current liabilities
Trade and other payables (24,013) (21,519) (19,120)
Lease liability (1,396) (1,588) (1,352)
Provisions (321) (307) (612)
Derivative financial liabilities (47) (81) (30)
Deferred consideration - (755) -
Corporation tax payable (1,198) (1,052) (1,505)
(26,975) (25,302) (22,619)
Total liabilities (50,971) (50,061) (43,497)
Net assets 40,986 33,538 25,747
Equity
Share capital 10 4,517 4,517 4,517
Share premium 10 445 445 445
Capital reserve - own shares 10 (556) (321) (577)
Hedging reserve 10 (35) (60) (22)
Foreign currency reserve 10 (13) 168 198
Profit and loss account reserve 36,628 28,789 21,186
Total equity 40,986 33,538 25,747
*The financial position at 30 June 2024 has been restated to present vehicle
leases as Right of use assets and Lease liabilities in accordance with IFRS16.
See note 1.
The financial statements were approved by the Board of Directors and
authorised for issue on 2 September 2025
Paul Hooper
Simon Dray
Director
Director
Company number 1767387
consolidated STATEMENT of cash flows
For the year ended 30 June 2025 (unaudited)
Year ended Year ended
30 June 30 June
2025 2024
(unaudited) (restated)
Notes £'000 £'000
Operating activities
Operating profit 13,605 13,342
Adjustments for:
Depreciation 6, 12 3,662 3,001
Amortisation 6, 14 720 478
(Profit)/loss on disposal of property, plant and equipment (12) 4
Share based payments 25 161 251
Increase in inventories (6) (199)
(Increase)/decrease in receivables (4,497) 610
Increase in trade and other payables 2,625 470
Movement in provisions (69) (78)
Cash contributions to retirement benefit schemes 21 (1,200) (1,200)
Cash generated by operating activities of continuing operations 14,989 16,679
Tax paid (2,596) (2,073)
Net cash inflow from operating activities 12,393 14,606
Investing activities
Purchase of property, plant and equipment (2,484) (3,131)
Payments to acquire intangible fixed assets (147) (505)
Proceeds from sales of property, plant and equipment 32 8
Acquisition of subsidiary (755) (10,730)
Cash acquired on acquisition of subsidiary - 2,223
Net cash outflow from investing activities (3,354) (12,135)
Financing activities
Bank interest paid (992) (909)
Equity dividends paid 10 (3,887) (3,724)
(Repayment)/draw down of amounts borrowed 26 (1,500) 4,700
Principal paid on lease liabilities (1,611) (1,175)
Interest paid on lease liabilities (297) (322)
Purchase of own shares (741) (647)
Exercise of share options 245 129
Refinancing costs 26 (79) (78)
Net cash outflow from financing activities (8,862) (2,026)
Net increase in cash at bank 26 177 445
Net cash at bank brought forward 6,410 5,995
Net increase in cash at bank 177 445
Effect of foreign exchange rate changes (181) (30)
Net cash at bank carried forward 26 6,406 6,410
consolidated STATEMENT of changes in equity
For the year ended 30 June 2025 (unaudited)
Notes Share capital Share Capital reserve - Profit
premium own shares Foreign and loss account
Hedging currency reserve Total equity
reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 July 2023 4,517 445 (577) (22) 198 21,186 25,747
Profit for the year - - - - - 8,748 8,748
Exchange differences on retranslation of foreign operations - - - - (30) - (30)
Net loss on cash flow hedges - - - (51) - - (51)
Tax on derivative financial liability - - - 13 - - 13
Actuarial gain on defined benefit pensions, net of tax - - - - - 3,083 3,083
Deferred tax on share options - - - - - 19 19
Acquisition of own shares - - (647) - - - (647)
Own shares used to satisfy exercise of share awards - - 903 - - - 903
Share based payments - - - - - 251 251
Dividends 10 - - - - - (3,724) (3,724)
Exercise of share-based incentives - - - - - (774) (774)
At 1 July 2024 4,517 445 (321) (60) 168 28,789 33,538
Profit for the year - - - - - 9,339 9,339
Exchange differences on retranslation of foreign operations - - - - (181) - (181)
Net gain on cash flow hedges - - - 33 - - 33
Tax on derivative financial liability - - - (8) - - (8)
Actuarial gain on defined benefit pensions, net of tax - - - - - 2,077 2,077
Deferred tax on share options - - - - - 410 410
Acquisition of own shares - - (741) - - - (741)
Own shares used to satisfy exercise of share awards - - 506 - - - 506
Share based payments - - - - - 161 161
Dividends 10 - - - - - (3,887) (3,887)
Exercise of share-based incentives - - - - - (261) (261)
At 30 June 2025 (unaudited) 4,517 445 (556) (35) (13) 36,628 40,986
1 basis of preparation
The Alumasc Group plc is incorporated and domiciled in England and Wales. The
Company's ordinary shares are traded on the Alternative Investment Market
("AIM").
The Group's financial statements consolidate those of the parent company and
all of its subsidiaries as of 30 June 2025. All subsidiaries have a reporting
date of 30 June.
All transactions and balances between Group companies are eliminated on
consolidation, including unrealised gains and losses on transactions between
Group companies. Amounts reported in the financial statements of subsidiaries
have been adjusted where necessary to ensure consistency with the accounting
policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or
disposed of during the year are recognised from the effective date of
acquisition, or up to the effective date of disposal, as applicable.
The Group's financial statements have been prepared in accordance with UK
adopted international accounting standards.
These preliminary financial statements are unaudited and do not constitute
statutory accounts for the financial year ended 30 June 2025. Audited
accounts for the year are expected to be published on or around 23 September
2025 which will be separately notified, following signing of the audit report
on or around 4 September 2025. Statutory accounts for the year ended 30 June
2024 have been delivered to the Registrar of Companies and those for 2025 will
be delivered following the Company's Annual General Meeting. The auditors
have previously reported on the results for the year ended 30 June 2024; their
report was unqualified and did not contain a statement under Section 498(2) or
(3) of the Companies Act.
Going concern
At 30 June 2025 the Group had cash and cash equivalents of £6.4 million and
had utilised £12.2 million of the committed £25.0 million revolving credit
facility. This provided total headroom of some £19.2 million against
committed facilities and, together with £4.0 million overdraft facilities,
there is headroom of some £23.2 million against total facilities at 30 June
2025. The £25.0 million committed revolving credit facility expires in August
2027.
In assessing going concern to take account of the continued uncertainties
caused by the current challenging macroeconomic environment, the Group has
modelled a base case trading scenario on a "bottom up" basis. The Group has
also modelled stress test scenarios which assume 10% and 20% reductions in
revenue, with no cost reduction or cash conservation measures. Under the
lowest point in these stress tested scenarios, the Group retains adequate
headroom against its total banking facilities for at least the next 13 months
to the end of September 2026, with no breach of banking covenants across this
period.
For the same period the Group has modelled an additional scenario (a reverse
stress test) that would lead to a breach of its banking covenants. It is
considered that the risk of such a scenario arising is remote. Management have
also identified a number of mitigating actions that the Group would take to
remain within its banking facilities and comply with the associated covenants
throughout the period.
Having taken into account all of the aforementioned comments, actions and
factors in relation to going concern, and in light of the bank facility
headroom under various scenarios, the Directors consider that the Group has
adequate resources to continue trading for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in preparing the
financial statements.
Prior year restatement
Following the adoption of IFRS16 in 2020, the Group assessed the impact of
leased vehicles to be immaterial and therefore continued to account for them
as operating leases, recognising lease payments as a cost through the
Consolidated Statement of Comprehensive Income but not recognising the
right-of-use asset or associated lease liability in the Consolidated Statement
of Financial Position. As part of the Group's greenhouse gas reduction
strategy, the number of vehicles, and their cost, has increased the level of
unrecognised IFRS16 right-of-use asset and associated lease liability.
Following a review in 2025, the Board have concluded that the leases in place
at 1 July 2023 were material and should have been accounted for under IFRS16.
This has resulted in the following adjustments:
- An increase in 30 June 2024 lease liabilities, and right-of use
assets, of £1.2 million;
- A decrease in net operating expenses, and an increase in net finance
costs, for the year ended 30 June 2024 of £0.2 million; and
- An increase in cash generated from operating activities, and in net
cash outflow from financing activities, for the year ended 30 June 2024 of
£0.2 million.
The adjustments have had no impact on the Group's previously reported profit
before taxation, net increase in bank debt, or net assets, as the lease
liability has been used as an approximation of the right-of-use asset.
Alternative performance measures
The Group uses a range of non-IFRS performance measures to monitor the
performance of the business. The Group believes these provide information on
the ongoing trading of the business to help investors and other stakeholders
evaluate the performance of the business and are measures commonly used by
certain investors for evaluating the performance of the Group. In particular,
the Group uses measures that reflect the underlying performance on the basis
that this provides a more relevant focus on the core business performance of
the Group.
The Group reports underlying profit and underlying earnings in addition to the
financial information prepared under IFRS. The Board believes that underlying
profit and underlying earnings provide additional and more consistent measures
of underlying performance by removing items that are not closely related to
the Group's day-to-day trading activities and which would typically be
excluded in assessing the value of the business.
Underlying profit and underlying earnings are used by the Board for internal
performance analysis, planning and employee compensation arrangements.
'Underlying profit' and 'underlying earnings' are not defined terms under
IFRS, and may therefore not be comparable with similarly titled measures
reported by other companies. They are therefore not intended to be a
substitute for, or superior to, IFRS measures of profit and earnings. A
reconciliation of underlying to IFRS profit and earnings are included in notes
5 and 9 respectively.
The Group also uses the following non-IFRS measures on a consistent basis and
they are defined as follows:
Underlying operating margin:
Underlying operating margin is defined as underlying operating profit as a
percentage of revenue
Underlying EBITDA:
Underlying EBITDA is underlying operating profit before interest, taxation,
depreciation and amortisation. See below for definition of underlying
operating profit.
Underlying operating cash conversion:
Underlying operating cash conversion is pre-tax operating cash flow as a
percentage of underlying operating profit.
Net bank debt:
Net debt as defined under the Group's banking facility agreement before the
impact of IFRS 16: Leases.
Leverage ratio:
The leverage ratio is the ratio of net bank debt to underlying EBITDA and is
consistent with the calculation of the Group's banking covenants.
2 judgEments and estimates
The main sources of estimation uncertainty that could have a significant risk
of causing material adjustment to the carrying amounts of assets and
liabilities at 30 June 2025 within the next financial year are the valuation
of defined benefit pension obligations, the valuation of inventory, and the
valuation of the Group's acquired goodwill.
The assumptions applied in determining the defined benefit pension obligation
are particularly sensitive. Advice is taken from a qualified actuary to
determine appropriate assumptions at each reporting date. The actuarial
valuation involves making assumptions about discount rate, mortality rates and
future pension increases. Due to the complexity of the valuation, the
underlying assumptions and the long-term nature of these plans, such estimates
are subject to significant uncertainty.
Judgement is applied in assessing the value of manufacturing cost to be
absorbed into inventory, and to the estimate of net realisable value of
obsolete or slow-moving inventory.
Goodwill is tested at least annually for impairment, with appropriate
assumptions and estimates built into the value in use calculations to
determine if an impairment of the carrying value is required.
3 Summary of material accounting policies
The accounting policies adopted are consistent with those of the previous
financial year. The following new standards, amendments and interpretations
are effective for the period beginning on or after 1 July 2024 and have been
adopted for the Group financial statements where appropriate with no material
impact on the disclosures and results made by the Group:
· Amendments to the Classification and Measurement of Financial
Instruments; and
· Lack of Exchangeability (Amendments to IAS 21).
4 segmental analysis
In accordance with IFRS 8 "Operating Segments", the segmental analysis below
follows the Group's internal management reporting structure.
The Chief Executive reviews internal management reports on a monthly basis,
with performance being measured based on the segmental operating result as
disclosed below. Performance is measured on this basis as management believe
this information is the most relevant when evaluating the impact of strategic
decisions because of similarities between the nature of products and services,
routes to market and supply chains in each segment.
Inter-segment transactions are entered into applying normal commercial terms
that would be available to third parties. Segment results, assets and
liabilities include those items directly attributable to a segment.
Unallocated assets comprise cash and cash equivalents, deferred tax assets,
income tax recoverable and corporate assets that cannot be allocated on a
reasonable basis to a reportable segment. Unallocated liabilities comprise
borrowings, employee benefit obligations, deferred tax liabilities, income tax
payable and corporate liabilities that cannot be allocated on a reasonable
basis to a reportable segment. The 2023/24 segmental operating results have
been restated to reflect the prior year adjustment; see note 1.
2024/25 2023/24(restated)
Revenue Segmental operating Revenue Segmental operating
result result
£'000 £'000 £'000 £'000
Water Management 55,523 8,025 48,316 7,703
Building Envelope 41,812 5,300 37,602 4,672
Housebuilding Products 16,079 4,182 14,806 3,769
Trading 113,414 17,507 100,724 16,144
Unallocated costs (1,923) (1,761)
Total from continuing operations 113,414 15,584 100,724 14,383
£'000 £'000
Segmental operating result 15,584 14,383
Acquired intangible asset amortisation (see note 5) (423) (239)
Restructuring & legal costs (see note 5) (1,535) (453)
Acquisition costs (see note 5) (21) (349)
Total operating profit from continuing operations 13,605 13,342
Year to 30 June 2025 Capital expenditure
Segment Assets
Property, Other
Segment Liabilities Plant & Intangible Deprecia-tion Amortisa-tion
Equipment Assets
£'000 £'000 £'000 £'000 £'000 £'000
Water Management 45,401 (13,266) 2,833 116 2,034 617
Building Envelope 17,420 (11,764) 345 31 287 59
Housebuilding Products 16,205 (7,295) 737 - 1,294 44
Trading 79,026 (32,325) 3,915 147 3,615 720
Unallocated 12,931 (18,646) 57 - 47 -
Total 91,957 (50,971) 3,972 147 3,662 720
Year to 30 June 2024 Capital expenditure
Segment Assets
Property, Other
Segment Liabilities Plant & Intangible Deprecia-tion Amortisa-tion
Equipment Assets
£'000 £'000 £'000 £'000 £'000 £'000
Water Management 41,056 (11,948) 2,431 271 1,525 405
Building Envelope 17,495 (9,742) 303 213 261 25
Housebuilding Products 16,326 (7,087) 1,035 21 1,174 48
Trading 74,877 (28,777) 3,769 505 2,960 478
Unallocated 8,722 (21,284) 7 - 41 -
Total 83,599 (50,061) 3,776 505 3,001 478
Sales to external customers by geographical segment
United North Middle Far Rest of
Kingdom Europe America East East World Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Year to 30 June 2025 98,750 3,924 9 585 9,429 717 113,414
Year to 30 June 2024 90,622 3,044 85 664 5,309 1,000 100,724
Segment revenue by geographical segment represents revenue from external
customers based upon the geographical location of the customer.
5 UNDERLYING to profit before tax reconciliation
2024/25 2023/24
Operating profit Profit before tax Operating profit Profit before tax
£'000 £'000 £'000 £'000
Underlying operating profit & profit before tax 15,584 14,193 14,383 12,971
Acquired intangible asset amortisation (423) (423) (239) (239)
IAS 19 net pension scheme finance (income)/costs (note 8) - 60 - (195)
Restructuring & legal costs (1,535) (1,535) (453) (453)
Acquisition costs (21) (21) (349) (349)
Operating profit & profit before tax 13,605 12,274 13,342 11,735
In the presentation of underlying profits, management disclose the
amortisation of acquired intangible assets and IAS 19 pension costs
consistently as non-underlying items because they are material non-cash and
non-trading items that would typically be excluded in assessing the value of
the business.
In addition, management has presented the following specific items that arose
in 2024/25 and 2023/24 financial years as non-underlying as they are
non-recurring items that are judged to be significant enough to affect the
understanding of the year-on-year evolution of the underlying trading
performance of the business:
- One-off restructuring and legal costs representing the costs of
a restructuring of the Water Management division, including the planned
closure of the division's site in Dover and relocation of its activities to
the division's site in Halstead, and a restructuring of the division's sales
and commercial teams; and
- Acquisition expenses relating to professional fees incurred in
the Group's acquisition activities, primarily in connection with the
acquisition of ARP Group in 2023/24.
Impact on cashflow
Of the £1,919,000 (2023/24: £1,236,000) non-underlying expenses recognised,
£1,477,000 (2023/24: £942,000) was settled in cash. The remaining £442,000
(2023/24: £294,000) relates to non-cash amortisation of acquired brands, IAS
19 pension income & costs and surplus provision releases.
6 GOODWILL
2025 2024
£'000 £'000
Cost:
At 1 July 13,401 9,249
Additions - 4,152
At 30 June 13,401 13,401
Impairment:
At 1 July & 30 June 723 723
Net book value at 30 June 12,678 12,678
Goodwill acquired through acquisitions has been allocated to cash generating
units for impairment testing as set out below:
2025 2024
£'000 £'000
Alumasc Roofing (Building Envelope) 3,820 3,820
Timloc (Housebuilding Products) 2,264 2,264
Rainclear (Water Management) 225 225
Wade (Water Management) 2,217 2,217
ARP (Water Management) 4,152 4,152
At 30 June 12,678 12,678
Impairment testing of acquired goodwill
The Group considers each of the operating businesses that have goodwill
allocated to them, which are those units for which a separate cashflow is
computed, to be a cash generating unit (CGU). Each CGU is reviewed annually
for impairment. In assessing whether an asset has been impaired, the carrying
amount of the CGU is compared to its recoverable amount. The recoverable
amount is the higher of its fair value less costs to sell and its value in
use. In the absence of any information about the fair value of a CGU, the
recoverable amount is deemed to be its value in use. Each of the CGUs are
either operating segments as shown in note 4, or sub-sets of those operating
segments.
For the purpose of impairment testing, the recoverable amount of CGUs is based
on value in use calculations. The value in use is derived from discounted
management cash flow forecasts for the businesses, based on budgets and plans
covering a five year period. The growth rate used to extrapolate the cash
flows beyond this period was 1% (2024: 1%) for each CGU.
Key assumptions included in the recoverable amount calculation are the
discount rate applied and the cash flows generated by:
(i) Revenues
(ii) Gross margins
(iii) Overhead costs
Each assumption has been considered in conjunction with the local management
of the relevant operating businesses who have used their past experience and
expectations of future market and business developments in arriving at the
figures used.
The pre-tax rate used to discount the cash flows of these cash generating
units with on-balance sheet goodwill was 16% (2024: 15%). This rate was based
on the Group's estimated weighted average cost of capital (WACC) of 12% (2024:
11%), which was risk-adjusted for each CGU taking into account both external
and internal risks.
The surplus headroom above the carrying value of goodwill at 30 June 2025 was
significant for all CGU's, with no impairment arising from either a 2%
increase in the discount rate; a growth rate of -1% used to extrapolate the
cash flows; or a reduction of 25% in the cash flow generated in the terminal
year.
7 tax expense
(a.) Tax on profit
Tax charged in the consolidated statement of comprehensive income
2024/25 2023/24
£'000 £'000
Current tax:
UK corporation tax 2,239 2,062
Overseas tax 334 200
Amounts over provided in previous years (26) (199)
Total current tax 2,547 2,063
Deferred tax:
Origination and reversal of temporary differences 302 639
Amounts under provided in previous years 86 285
Total deferred tax 388 924
Total tax expense 2,935 2,987
Tax recognised in other comprehensive income
Deferred tax:
Actuarial gains on pension schemes 692 1,029
Cash flow hedge 8 (12)
Tax charged to other comprehensive income 700 1,017
3,635 4,004
Total tax charge in the consolidated statement of comprehensive income
(b.) Reconciliation of the total tax charge
The total tax rate applicable to the tax expense shown in the statement of
total comprehensive income of 23.9% (2023/24: 25.5%) is lower than the
standard rate of corporation tax in the UK of 25.0% (2023/24: 25.0%).
The differences are reconciled below:
2024/25 2023/24
£'000 £'000
Profit before tax 12,274 11,735
Current tax at the UK standard rate of 25.0% (2023/24: 25.0%) 3,068 2,934
Expenses not deductible for tax purposes 143 226
Income not taxable (93) (139)
Overseas tax rates (243) (120)
Tax over provided in previous years - current tax (26) (199)
Tax under provided in previous years - deferred tax 86 285
2,935 2,987
(c.) Unrecognised tax losses
The Group has tax capital losses in the UK amounting to £16.3 million (2024:
£16.3 million) that relate to prior years. Under current legislation these
losses are available for offset against future chargeable gains. The capital
losses are able to be carried forward indefinitely. Revaluation gains on land
and buildings amount to £1 million (2024: £1 million). These have been
offset in the prior year against the capital losses detailed above. A deferred
tax asset has not been recognised in respect of the net capital losses carried
forward of £15.3 million (2024: £15.3 million) as they do not meet the
criteria for recognition.
(d.) Deferred tax
A reconciliation of the movement in deferred tax during the year is as
follows:
Acquired intangible assets Hedging Share options Pension Total
Accelerated Short term deferred tax deferred tax
capital temporary (asset)/ liability liability
allowances differences
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 July 2023 1,648 (146) 294 (8) (174) (1,081) 533
Charged/(credited) to the statement of comprehensive income - current year
491 (22) (60) - (21) 251 639
Charged to the statement of comprehensive income - prior year
220 65 - - - - 285
Acquisition of subsidiary 193 - 1,124 - - - 1,317
(Credited)/charged to equity - - - (12) (19) 1,029 998
At 30 June 2024 2,552 (103) 1,358 (20) (214) 199 3,772
Charged/(credited) to the statement of comprehensive income - current year
80 (7) (106) - 20 315 302
Charged to the statement of comprehensive income - prior year
64 22 - - - - 86
Charged/(credited) to equity - - - 8 (410) 692 290
At 30 June 2025 2,696 (88) 1,252 (12) (604) 1,206 4,450
Deferred tax assets and liabilities are presented as non-current in the
consolidated statement of financial position.
Deferred tax assets have been recognised where it is probable that they will
be recovered. Deferred tax assets of £3.8 million (2024: £3.8 million) in
respect of net capital losses of £15.3 million (2024: £15.3 million) have
not been recognised.
8 dividends
2024/25 2023/24
£'000 £'000
Interim dividend for 2025 of 3.50p paid on 8 April 2025 1,262 -
Final dividend for 2024 of 7.30p paid on 1 November 2024 2,625 -
Interim dividend for 2024 of 3.45p paid on 8 April 2024 - 1,242
Final dividend for 2023 of 6.90p paid on 3 November 2023 - 2,482
3,887 3,724
A final dividend of 7.6 pence per equity share, at a cash cost of £2,733,000,
has been proposed for the year ended 30 June 2025, payable on 4 November 2025.
This dividend has not been accrued in these consolidated financial statements
as it was proposed after the year end.
9 earnings per share
Basic earnings per share is calculated by dividing the net profit for the
period attributable to ordinary equity shareholders of the parent by the
weighted average number of ordinary shares in issue during the period. Diluted
earnings per share is calculated by dividing the net profit attributable to
ordinary equity shareholders of the parent by the weighted average number of
ordinary shares in issue during the period, after allowing for the exercise of
outstanding share options. The following sets out the income and share data
used in the basic and diluted earnings per share calculations:
2024/25 2023/24
£'000 £'000
Net profit attributable to equity holders of the parent 9,339 8,748
000s 000s
Weighted average number of shares 36,004 35,964
Dilutive potential ordinary shares - employee share options 844 296
36,848 36,260
2024/25 2023/24
Pence Pence
Basic earnings per share 25.9 24.3
2024/25 2023/24
Pence Pence
Diluted earnings per share 25.3 24.1
Calculation of underlying earnings per share:
2024/25 2023/24
£'000 £'000
Reported profit before taxation from continuing operations 12,274 11,735
Brand amortisation 423 239
IAS 19 net pension scheme finance (income)/costs (60) 195
Restructuring & legal costs 1,535 453
Acquisition costs 21 349
Underlying profit before taxation from continuing operations 14,193 12,971
Tax at underlying Group tax rate of 24.2% (2023/24: 25.5%) (3,435) (3,308)
Underlying earnings from continuing operations 10,758 9,663
Weighted average number of shares 36,004 35,964
Basic underlying earnings per share from continuing operations 29.9p 26.9p
Diluted underlying earnings per share from continuing operations 29.2p 26.6p
10 movements in equity
Share capital and share premium
The balances classified as share capital and share premium are the proceeds of
the nominal value and premium value respectively on issue of the Company's
equity share capital net of issue costs.
Capital reserve - own shares
The capital reserve - own shares relates to 174,162 (2024: 180,846) ordinary
own shares held by the Company. The market value of shares at 30 June 2025 was
£648,753 (2024: £345,416). These are held to help satisfy the exercise of
awards under the Company's Long-Term Incentive and Executive Share Option
Plans. During the year 237,564 (2024: 520,255) shares with an original cost of
£506,000 (2024: £903,000) were used to satisfy the exercise of awards. A
Trust holds the shares in its name and shares are awarded to employees on
request by the Group. The Group bears the expenses of the Trust.
Hedging reserve
This reserve records the post-tax portion of the gain or loss on a hedging
instrument in a cash flow hedge that is determined to be an effective hedge.
Foreign currency reserve
This foreign currency reserve is used to record exchange differences arising
from the translation of the financial statements of foreign subsidiaries.
* Non-underlying items comprise intangible asset amortisation and IAS 19
pension costs in all years. Further details of the 2023/24 and 2024/25 non
underlying items can be found in note 5 of the Report and Accounts 2025.
** Underlying operating profit after tax from continuing operations calculated
using the underlying tax rate, as a percentage of average capital invested
from continuing operations.
*** Restated to account for vehicle leases under IFRS16.
**** Unaudited
(#_ftnref1)
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