Alumasc Group (ALU) H1 2026 earnings summary

Executive summary

• Delivered resilient H1 FY26 performance despite challenging UK construction markets, project delays, and a strong prior year comparator, with revenue at £50.4m, down 12% year-over-year.

• Underlying PBT was £4.0m, down 47%, with cost actions and operational efficiencies yielding £1.1m annualised savings to support H2.

• Strong and growing order book and robust pipeline, with significant export wins and new product launches positioning for recovery.

• CEO succession announced: Pamela Bingham to succeed Paul Hooper in March 2026; strengthened Water Management leadership.

Financial highlights

• Revenue declined 12% year-over-year to £50.4m; UK revenue down 5%, export revenue down 56%.

• Underlying operating profit dropped 44.5% to £4.5m; underlying operating margin at 8.9%.

• Gross margin at 36.2%, down 140bps year-over-year.

• Net bank debt at £7.7m; leverage ratio 0.5x.

• Interim dividend maintained at 3.5p per share.

Outlook and guidance

• Board confident in achieving full-year expectations; strong order book (excluding CLK project) up 27% year-over-year and 50% vs. December 2023.

• £2m Chek Lap Kok and Changi Airport orders to be shipped in H2.

• Early signs of improving market confidence; interest rate reductions and regulatory reforms expected to support recovery.

• Well positioned for medium-term market recovery and substantial shareholder value creation.