Profit slips at building products firm

Building products firm Alumasc said pre-tax profit and revenue were down in the first half.

But it said the seasonal trading bias towards its second half meant the board’s expectations were unchanged.

Pre-tax profit slipped to £2.1m from £3.4m in the six months to December 2019 while revenue was down 7% to £41.1m.

The firm, which has previously carried out work at the Laing O’Rourke-built Francis Crick Institute (pictured) in London’s King’s Cross, said the profit fall was down to the gain it made on the sale of its facades business for £4.5m to Northern Irish firm Kilwaughter Minerals in November 2018.

Alumasc said its order book for the first half was up £3m to £23.6m, adding that a restructuring initiative begun last year was expected to make £2m of savings in its full year to June.