Alumasc Group (ALU) Trading update summary

Trading performance

• Q1 FY27 revenue rose 10% YoY, or 5% excluding first call-offs from the £2m Changi Airport project and further Chek Lap Kok airport sales, despite subdued demand, particularly in UK residential construction.

• Divisional revenue growth YoY: Water Management 13.3%, Building Envelope 7.0%, Housebuilding Products 6.4%; reported table also showed Group growth of 9.6%.

• Margins improved YoY as expected, reflecting operational gearing and recent restructuring actions.

Order momentum

• Q1 order intake remained strong; the order book increased in absolute terms and relative to Q1 FY26, reaching 67% above the prior-year level at September 2026.

• Early Q2 wins included £2.1m for the first phase of a Manchester University student accommodation refurbishment and £0.4m for a Tin Can Island Port Complex upgrade in Nigeria.

• Timloc continued to win market share and grow revenue in a challenging housebuilding market; its next-day delivery model does not use an order book.

Outlook

• Positive revenue and order momentum continued into early Q2 across all divisions; the Board remained confident of FY27 progress in line with expectations and of outperforming underlying markets.