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Alumasc reports record profit in fiscal Q1 as cost cuts boost margins
StockMarketWire.com
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Alumasc reported 'record' profit in the first quarter of the year as margins were boosted by the £2.4m in annual cost saving following the restructuring over the previous year.
'Alumasc has begun the new financial year to 30 June 2021 strongly with record profits in the first quarter,' the company said.
The company also cut its bank borrowing from £4.3 million at 30 June 2020 to below £1 million year to date.
'The strong bounce experienced by Alumasc in the UK has been supported by a lively export performance. Current orderbooks remain robust in general and include a growing list of export projects won in recent months, which are due to be delivered in the current financial year,'the company said.
'[T]here are early signs of the promised acceleration in infrastructure expenditure by the UK Government, which is expected to boost demand in the coming months,' it added.
The furlough income received in respect of a low number of employees who had since become redundant had already been repaid to the Government, the company added.
At 8:37am: (LON:ALU) Alumasc Group PLC share price was +10p at 89.5p
Story provided by StockMarketWire.com
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