Alumasc Group has announced that it expects its fiscal 2023 profit to be in line with market expectations, while revenue is projected to remain steady compared to the previous year. Despite facing challenges in the U.K. construction sector in recent months, the building-products provider remains optimistic about its future prospects in commercial end markets.
Alumasc Group anticipates that its underlying pretax profit for the year ending June 30 will meet market views, with an estimated figure of approximately £11.2 million ($14.5 million). This is slightly lower than the underlying pretax profit of £12.7 million reported for fiscal 2022.
The company expects its revenue for fiscal 2023 to be around £89 million, which is consistent with the previous year’s figure of £89.4 million and market expectations of approximately £90.4 million.
Future Challenges and Mitigation
Alumasc Group acknowledges the prevailing headwinds in demand for the remainder of the calendar year, but it believes that delayed overseas projects will partially offset these challenges. The company is confident in its medium and long-term prospects within its commercial end markets.
Despite the news, Alumasc Group’s shares have experienced a decline of 2.5 pence, or 1.6%, currently trading at 150.0 pence.