Alumasc in £1.2m land sale
Alumasc has netted £1.2m with the disposal of surplus land. The land, near its head office in Kettering, has been sold for residential development.
The sale has generated a profit of £700,000 for the construction and engineering products company.
Alumasc has agreed to pay £600,000 to its company pension schemes, both of which have been closed to future accrual.
In the company's most recent results published on 3 February 2011 for the six months to 31 December 2010, it posted a 17 per cent year-on-year revenue growth to £52m. However, net debt rose to £11.9m.
At the time, chief executive Paul Hooper said: "Whilst we remain cautious about the short term prospects for the UK construction market, we have increasing confidence that the exciting new product and export market development initiatives in both the building products division and at Alumasc Precision, together with the group's strong balance sheet and strategic positioning in sustainable building product niches, will enable Alumasc to leverage the anticipated steady economic recovery beyond the current financial year."
