Alumasc Group plc AIM:ALU

UK housing new-build and RMI activity (largest end market, ~45% of Group revenue)

Housing – comprising private and public new housebuilding and RMI – is the Group's largest market, representing circa 45% of Group revenues

Non-residential construction (schools, hospitals, prisons, government buildings)

Non-residential work represents circa 36% of Group revenues and is dominated by schools, hospitals, prisons and other government and local authority buildings

Adverse sales mix in Water Management (higher proportion of lower-margin overseas/export sales)

Water Management underlying operating margin reduced to 14.5% (FY24: 15.9%) due to the higher proportion of overseas sales, which generally have a lower margin than UK projects

Cost inflation (Employers' NI, National Living Wage)

Cost increases, including the rise in April 2025 in Employers' National Insurance Contributions and the National Living Wage, will add an annualised £0.6m to Group overheads

£1.5m charge: Restructuring & legal costs (Water Management division restructuring, incl. Dover site closure/relocation to Halstead)

Alumasc has consistently achieved year-on-year growth post-pandemic and our management teams are committed to delivering similar growth in the time ahead. Looking into FY26, while the profile of overseas sales will likely result in an H2 weighting, the Board remains optimistic for another year of growth.

A final dividend of 7.6 pence per share (£2,733,000) has been proposed, not accrued in the FY25 financial statements as it was proposed after the year end; payable 4 November 2025

Progressive dividend policy targeting medium-term dividend cover of 2.5–3.0x underlying earnings; FY25 total distribution of 11.1p per share (interim 3.50p paid April 2025, proposed final 7.6p payable 4 November 2025), covered 2.7x by underlying EPS (FY24: 2.5x)

Going concern basis adopted. At 30 June 2025 the Group had cash and cash equivalents of £6.4m and had utilised £12.2m of the committed £25.0m revolving credit facility, giving headroom of £19.2m plus £4.0m overdraft facilities (total headroom c.£23.2m against total facilities). Base-case and stress-test scenarios (10% and 20% revenue reduction) modelled to September 2026 show adequate headroom with no covenant breach for at least 13 months. Auditor Crowe U.K. LLP issued an unqualified/unmodified audit opinion (true and fair view) with one key audit matter: valuation of the defined benefit pension scheme net asset (note 21); Group materiality £730,000 (2024: £600,000), Parent Company materiality £600,000 (2024: £400,000)