30 October 2014 – AGM statement
The group has issued a trading statement covering the period from 1 July, confirming that trading is in line with expectations with revenues on continuing up 5% on the same period last year. Building Products revenues are up by 9% with Engineering Products revenues some 10% lower. In the latter business, Alumasc Precision Components is reporting lower sales as it withdraws from loss-making work but the board has decided that this no longer fits in with the group and so this has been put up for sale. Although cash generation at the group remains strong, the outlook for the company is unexciting and we believe there are better opportunities elsewhere. The shares are therefore only a HOLD.