ALIMASC…second FY management meet
M&A funding: £25m top, got a few in sight. HouseProducts preferred ( same as IBSTOCK then), water & lastly Building Envelope.
Issue for me is the length of time the past deals have been curated before really pushing on. One brand is 97 years old. 2015 strategic review, shades sold, Factory in Dover recently sold. Same CEO in charge.
Clearly well run but modest growth until recently. FY25 saw a big out performance v industry. Rev 14%. ARP, a very recent deal is performing, adding £5.7m to revenue,£0.5m profit. Great brands within the PLC such as Timloc( bought 2004 for £3.4m).
Margin upside from uptick volumes, efficiencies. FY at 13.7%, target20% when capacity higher. 390bp in past 6 years.
Export rev is 20% of PLC with 35% a medium target. Had success with 1 salesman recruited LATAM a few years ago. But X has lower margins. Future Country contract success is likely, names given/opportunities.
Lots of space manufacturing capacity, waiting for the volume pickup. 50% capacity. Helpful for margins IF there is a pick up.