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Alumasc bucks markets  

Building products supplier Alumasc has traded strongly, even though the underlying construction markets, particularly housebuilding, have been weak.

Interim revenues increased 6% to £47.8m and pre-tax profit was 14% higher at £6.3m. Water Management increased its profit contribution with recent acquisition ARP only becoming part of the group late in the period. New products helped the housebuilding division. Additional costs on sales meant that the building envelope division profit was lower. 


A major export order has been delayed, but full year pre-tax profit could still improve from £11.2m to £12.1m.

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Futura Medical revenues jump

Erectile function treatments developer Futura Medical generated initial revenues of around £3.1m in 2023 following the launch of Eroxon in the UK and Belgium. 

A US partner has been secured and Eroxon is being launched in other European territories. European revenues are expected to double this year, but US sales will probably not start until 2025.

There was cash of £7.7m at the end of 2023, helped by a prepayment. Cash could fall to £2.7m by the end of 2024. A small pre-tax profit is forecast for 2024. Non-execs take 25% of fees in shares. 

Real Estate Investors NAV dip

Midlands-based property investor Real Estate Investors has reduced net debt to £46.3m after property sales. Even so, NAV has fallen to 58.4p/share.


There remains demand from buyers for smaller properties that are of no interest to institutions. Management believes the weak property market could lead to further valuation declines. Loan-to-value is currently a comfortable 31%. Interest charges will increase after the fixed rate period ends.


Executive pay is being cut by one-third and the bonus cap reduced to 50% of salary. They are eligible for the STIP and receive up to 10% of the gain on any disposals with a minimum of £410,000. Total savings should be £500,000. 

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