16 JULY 2011http://www.reuters.com/
UPDATE 1-Alumasc sees profit below its expectations
Edited by : AL CIRCLE
1 min read
Building and engineering products firm Alumasc Group Plc said it expects full-year profit to be below its expectations, as margins in its building products division were significantly lower than expected, hurt by rising input costs.
Steel costs rose 20 percent towards the end of the financial year in the group's construction products business and profitability was hit further by an increase in the proportion of lower margin export sales.
However, strong group order book at Alumasc Precision, which supplies aluminium and zinc components to automotive and industrial sectors, will help the company continue to make steady progress in the coming year.
Group revenues are expected to be in line with expectations and underlying profit will be ahead of last year.
Shares of the company closed at 164 pence on Thursday on the London Stock Exchange. ($1 = 0.620 British Pounds)
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