Good afternoon, and welcome to the Alumasc Group plc investor presentation. Throughout this recorded presentation, investors will be in listen-only mode.

Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send.

The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so.

Before we begin, I'd like to submit the following poll, and now I'd like to hand you over to the management team. VJ, good afternoon, sir.

Oh,

thank you very much, and to re-assure Simon Draycott's and my own welcome to the ones just given by IMC. Thank you, IMC, for hosting today.

We're delighted that you've all joined us to hear about Alumasc's results to 30 June 2026. Those of you who know us and have attended these before will recognize Simon Dray, our CFO.

You probably won't recognize me. I am the interim executive chair, and I'm here because, as you know from our RNS at the end of August, that we terminated the employment of our CEO on that date and I was asked by the board to step in on an interim basis.

I'll say more about how we're running the business, the management team that's running the business, in one of our slides later. I just wanted to reassure everybody right at the beginning that we have a very strong executive and wider management team that is running the business, and, in fact, the business is doing quite well for the first two months of the year to date.

We'll say more about that later as well. Just go back one slide.

Thank you, Simon. Just one more.

One more. We're going to introduce Alumasc because I'm conscious some of you will be hearing about Alumasc for the first time, and I'll also give you some very high-level highlights of what happened in the year that's just gone and an overview of some of our opportunities and business, including that management structure that I've mentioned.

Simon will then come in and provide a more detailed review of our financials for the year that just went and a bit more detail on each of our business units, our divisions. We'll then talk about our strategy and what we're doing to deliver our strategy before concluding with our outlook for what is our financial year 2027 to 30 June 2027.

Thank you, Simon. For those of you who don't know us, we have three divisions.

One is Water Management, that produces the very basic metal rainwater goods, gutters and downpipes, but also includes products like fascias and soffits that go into the commercial built environment. The second division is Building Envelope, which is mainly supplying commercial roofing, roofing to the commercial sector, focused very much on environmental efficiency and helping urban diversity in the urban built environment.

The third division, Housebuilding Products, is focused on, as it suggests, residential housing, products focused on energy efficiency in the home, airtightness, and management of ventilation. The common theme across all of our three divisions is that we produce products that are focused on environmental sustainability and meeting or exceeding the increasing level of building regulations to help combat climate change, whether that's flood risk in Water Management, urban biodiversity in Building Envelope, or energy efficiency in Housebuilding Products.

More than 80% of our products that we make and sell meet or exceed these environmental and building regulations. That's a bit about our division.

Simon, did you want to just cover the next slide?

Thank you, VJ. You've spoken about the strategic environmental growth markets, I don't need to cover that, but our products are high quality, which means higher initial cost is offset by lower maintenance and longer lifespan.

We do this using energy and resource-efficient materials, maximizing recycled and recyclable content. Environmental performance declarations are one way that we demonstrate this to customers, and we now have EPD certified to 35.4% of our revenue.

Thank you, Simon. What happened in the year to 30 June 2026?

Actually, the market backdrop was very challenging. As you'll see from a slide we've got later, the Construction Products Association, the CPA, estimates that construction output in the UK fell-- is falling by 3% to 4% this year, and private housing starts declined by 12%.

Our revenues went down by 6%, from £113 million to £107 million. Within that, there were some real bright spots.

Firstly, Housebuilding Products, the revenue there grew by 16% compared to that 12% reduction in private housing starts compared to the previous year. In our Building Envelope roofing division, the revenues was level with the year we-- with the level we achieved in 2025, despite overall activity dropping by 3% to 4%.

Both those divisions outperformed the market and have taken market share. What is their secret?

Their secret is innovation, making sure they develop environmentally efficient products, which is what customers demand and the and the regulations demand; having great customer relationships and understanding what customers want; and then providing really fantastic service. Our Housebuilding Products business, Timloc, which is the brand, has next-day delivery and consistently achieves 100% OTIF, i.e.

100% on-time in-full delivery. It's those sort of factors that have enabled those two businesses to take market share year-on-year.

The disappointment was in Water Management, overall decline of 16%, although 4% if you exclude a large contract in Hong Kong, what we call the CLK contract in Hong Kong, in the previous year. Nonetheless, disappointing, although that division does represent the biggest opportunity for us in terms of improvement, and we will say more about that later in this presentation.

As a result of all of that, our underlying profit before tax changed from £14 million to £10 million. However, again, a bright spot was our operating cash conversion, which was more than 100%, despite us having to invest in more inventory in the year due to the Middle East conflict to make sure that we didn't run out of inventory and stock for customers.

Simon takes a lot of credit for, driving that. Simon and I also worked very closely with our defined benefit pension scheme trustees to help manage the pension scheme position in terms of their investment strategy and management of costs with their advisors.

That the surplus in that scheme on an accounting basis increased to almost £6 million compared to £5 million last year. That's positive.

The other positive is that our bank facilities, we've renewed those. Simon has renewed those in the year, thank you, Simon, and increased that from £25 million to £30 million.

We also have a £20 million accordion facility, which gives us plenty of firepower to go and invest in our business organically, but also to make acquisitions where we find the right ones. Our approach to this is always to only do this on a disciplined basis and only buy businesses where we can add value to them, but very importantly, that they can add value to our shareholders.

While he was doing that, he also managed to reduce the margin on our borrowing facility by 20 basis points, which is some achievement in today's market. As I say, tough backdrop, disappointing in Water Management, but actually some real bright spots, we're confident about the future.

As a result, we've held the dividend, provided our shareholders approve that, at 11.1p, the same as last year, which was a record level we set last year. Moving on to the next slide, in terms of our strategic priorities, what we want to do is outperform the market in all of our divisions.

I've mentioned already that, we're putting a lot of focus in helping our Water Management division do that to match what our other two divisions have been doing, both by growing volumes, but also margins by operational efficiency. We'll talk more about that later on.

We'll continue to invest in our well-performing businesses, and Simon will talk about some of the investments we've already made very recently in our Housebuilding Products division as an example. As I said earlier, we will continue to look at acquisitions, but follow that disciplined approach that I mentioned.

I mentioned the leadership changes right at the outset, and there's a slide coming up to show what what we're actually doing in the business. Looking forward, and we'll say more about this later on as well, our June order book at the end of the financial year closed up 49% compared to a year ago.

Some of that order book has started to convert into sales, and as a result, the the revenues for the first two months of this financial year are 5% ahead of last year. Some of you who those of you who know us pretty well will know that we won a contract at Changi Airport in Singapore a few months ago, which we let our shareholders know about, and deliveries on that should start going out later in this calendar year.

Reasonable outlook going forward. I mentioned a couple of times that I'll come back to this slide.

It shows how we're running the business at the moment and how all of our executive team, Simon, Gilbert, and Michael, are contributing to helping drive the business forward. Gilbert Jackson, who runs the roofing or Building Envelope division, continues with that responsibility.

He's also, however, overseeing our covers and drainage business, also known as Gatic and Wade, which are the brands there. The reason Gilbert has been asked to do that is that in our roofing and envelope business, a lot of the products are specified by people like architects, designers, civil engineers, and actually, the covers and drainage business has a similar go-to-market approach, he can help support that business.

Michael Leaf, who runs our Timloc Housebuilding Products business, has kindly agreed to support the rainwater products business unit within Water Management, what we call that AWMS, Alumasc Water Management Systems, based near Kettering; ARP, the rainwater products business, which is similar to that one that we bought three years ago based in Leicester, 30 miles away, and also has a small distribution business called Rainclear there. Michael has been fantastic at driving operational efficiency in the Timloc manufacturing business and is helping is sharing that expertise, that experience, with our rainwater products business.

However, we've also put in place business unit MDs at these two units, as you will see on the bottom right there. In the covers and drainage business, a chap called Peter Blanchard, who used to work for a competitor some years ago, joined us to help drive that that business forward.

He's settling in really well. We're very pleased.

In rainwater products, which is where the operational efficiency opportunities are greatest, we've had a chap called Mick Gough, who's joined us actually this week, working closely with Michael. Just wanted to reassure everybody that the business is in good hands, being well run.

Of course, there are teams within each of those three divisions who continue to drive the business forward on a day-to-day basis. They've asked for stability, which this team is providing, and continuity, which also helps them then do their jobs to the best of their ability and provide a great service to our customers.

That's a bit about the team. Just going to say a couple of words before handing over to Simon on the the market backdrop.

There are three points, really, that are sort of in the main subheadings on the left. The first one, actually, is best illustrated by looking at the charts on the on the right.

This is the CPA data which I referred to earlier: overall construction declining by 3% to 4% this year, overall UK private housing starts declining by 12%. Or and, I should say-- let's be positive about it-- forecast to increase next year, which I think will then give us some some some tailwinds.

As I say, despite those statistics, two of our divisions outperformed the market this year, which we're pleased with. We want the third one, Water Management, to do the same for next year.

The second bullet or the second main point on the left, though, is that the affordability and stability in the economy is going to be critical to this. A lot of this is outside the control of John Healey and the government, but, they can help with that in the October budget.

When I say outside the control of those individuals or the government, obviously, the Middle East situation, the oil price hike, and the potential for interest rates therefore to rise in the UK could have an impact on both residential and the commercial market in the UK. We will obviously deal with that.

Our job is to go and take market share from our competitors. Two of our divisions have done that.

We want the third division to start doing the same. Whatever happens there, the short-to-medium and the long-term structural drivers for Alumasc, the final point on the left there, remains very strong because there's a lot of legislation around environmental efficiency in the built environment.

Our products, more than 80%, are designed to meet or exceed those requirements and help our customers to meet those requirements. Those of you who are familiar with TCFD, the Task Force on Climate-related Financial Disclosures, know that, every significant company has to report on that.

Our products help customers to do that. The longer-term tailwinds for Alumasc are very positive, and we remain confident in our strategy.

Simon.

Thank you, VJ. I'll take you through some financial slides before we move on to the divisions.

As VJ mentioned, our revenues declined by 6% year-on-year. A large part of that relates to the Chek Lap Kok airport project.

Excluding that, revenues were broadly flat, with a 2% decline in UK revenues offset by 36% growth in non-Chek Lap Kok airport export sales, which we were pleased to see given the investments we've made in overseas technical sales resource. However, this volume reduction and a smaller mix variance has impacted margins.

Like many manufacturing business, we have fairly high contribution margin, that's revenues less variable costs of sales. Gross margins were 150 basis points lower at 36.4%, and our operating margin fell from 13.7% last year to 10.5%.

As a result, underlying profit before tax was £10 million compared to £14.2 million last year. The board proposes, however, to keep the final dividend level with the prior year at 7.6p, with a total distribution for the year of 11.1p, same as the prior year.

We're confident that future earnings growth will quickly restore the dividend cover back to our medium-term target range of 2.5 to 3 times. On our profit bridge and income statement bridge, three things I'd pull out here.

Firstly, we were able to introduce some targeted sales price increases that recovered cost price increases that we saw, both raw material price increases and employee cost rises. As I mentioned before, that £8.1 million, sorry, volume reduction was responsible for a £3.6 million profit reduction, which represents a drop-through a contribution margin rate of around 44%, which is fairly typical for Alumasc Group.

Finally, we have a small adverse product mix variance, which was partially offset by some cost efficiencies, the majority of which will benefit from next year. Our cash conversion, the ratio of operating cash generation to operating profit, was above 100% despite some inventory investment to mitigate cost and supply issues arising from the Middle East conflict, and also the timing of some shipments into the Chek Lap Kok project around year end where we carried them through as trade receivables and expect to collect them in the early part of this year.

Our payments into the pension scheme were £800,000 compared to £1.2 million last year, reflecting the reduction agreed with the trustees to £700,000 per annum from September 2025. Our cash flows meant we were able to continue to invest for future growth.

Capital expenditure of £2.6 million was level with the prior year. Some of the bigger-ticket items were two further injection moulding machines at Housebuilding Products site in Goole to add capacity and support product development; and a further CNC machining centre at Water Management in Halstead to in-house some component manufacturing to reduce product costs and inventory hours.

Our balance sheet, first point is the return on investment, despite the dip in profits, remained above our weighted average cost of capital, which we estimated about 13%. VJ's already spoken to the bank facility refinance, I won't cover that one again.

Final point I'd like to make is our pension de-risking continued. Our accounting surplus under IAS 19 increased to £5.9 million.

We have two targets in mind: firstly, the self-sufficiency target, where that's the point the pension scheme is able to manage itself without further contributions from the company. There's probably about a £1 million to £2 million deficit against that funding target, and we expect to get there over the next few years.

However, we also have one eye on our buy-out target, which at the end of June would probably require a further contribution of somewhere around £7 million to £9 million. The buy-out represents the amount that we would need to pay to an insurance company to take the scheme off our hands and remains the gold standard for pension scheme de-risking.

We may, once we reach the self-sufficiency target, keep some further contributions going into the scheme to take advantage of any opportunities to fully or partially buy parts of the scheme out. Turning to the divisional review, Water Management was the chief disappointment this year.

Revenues declined by £8.9 million, £6.8 million of which related to the year-on-year drop in contribution from Chek Lap Kok airport. Excluding that, the decline was 4%, with planning constraints, affordability concerns, and fragile confidence levels pushing UK revenue 6% lower.

This was partially offset by an increase in non-Chek Lap Kok exports following that investments made in local technical sales resource. Underlying divisional operating profit fell to £2.5 million, reflecting the lower volume and that division's high operational gearing.

The division's focused on self-help. Actions were taken to reduce costs, with a further £900,000 benefit expected to hit the bottom line next year, FY '27.

We're also focusing on improving inquiry-to-order conversion rates and lead times. Supply chain rationalisation opportunities are underway, and we're looking to optimize manufacturing processes, particularly between our rainwater product sites in Leicester and Kettering.

However, the order book at the end of August was 68% higher than a year ago, providing some early signs of improvement. This includes the £2 million Changi Airport project won last year, where deliveries are expected to start in the first half of FY '27.

Subsequent phases in that project are potentially worth a further £10 million to £15 million when they come for tender. Our Building Envelope division suffered from planning delays in the early part of the year, and in the second half, the Middle East conflict, which created a very volatile supply and demand environment.

They navigated this very well, with revenues level with last year's record and margins only slightly down on some investment in product certifications and support. This is testament to the strong customer relationships they've developed with architects, designers, contractors, and increasingly with blue-chip landlords who wish to have a preferred supplier to manage their refurbishment programmes on their property portfolios.

It also reflects a growing interest in their sustainability-led product offering. The Building Envelope division's order book at August 2026 was 39% higher than a year ago, and while we continue to see some volatility in demand, there were some signs of improving rates of conversion of pipeline into order book and order book into revenue.

Our standout performer in the year was the Housebuilding Products business, Timloc. Revenues were 16% higher than FY '25 against the backdrop of low housebuilder volumes.

Since COVID, Timloc's achieved a remarkable average annual revenue growth rate of 11% per annum, despite an average 2% annual decline in UK housebuilding starts. It's quite an amazing record.

This is founded on customer service. They have guaranteed next-day delivery and low carriage-paid order values with 100% on-time in-full delivery.

Supported by a relentless focus on efficiency and new product development. Their latest launch, the loft tight loft door, is shown on the right-hand side.

It's a good example of their innovation, with improved airtightness and insulation, and a patent-pending installation bracket designed for one-person installation. We've added further manufacturing capacity and capability and Timloc's very well placed to benefit from any recovery in housebuilding volumes.

Pass back to VJ on the strategy.

Thank you very much, Simon. For those of you who know us, you'll know that we have four pillars to our strategy.

For those of you who are new to this, I thought it'd be useful just to run through this. We try and keep things simple in the business.

The first one is, we we continue to be focused on sustainable, environmentally sustainable building products, because that's where all the legislation is. That's where all the expectations from construction companies and and their customers are, including in housebuilding.

We will continue to target new product development or enhanced product development on on that part of the part of the market. As I mentioned earlier, more than 80% of our products are environmentally sustainable or meet or exceed building regulation standards.

This commitment, this delivery to this commitment, has been recognized by the London Stock Exchange, awarding Alumasc the Green Economy Mark, which is only awarded to companies where the majority of their revenues come from sustainable activities. Second part of our strategy, the second pillar, is accelerating accelerating organic sales growth, i.e.

trying to outperform the market. As I've said, two of our divisions have done that.

We want the third division to do that, which is why we've put quite a lot of focus on that division this year with extra extra support from the executive and management team. In that division, Water Management, we have some great brands.

I've mentioned Gatic and Wade earlier, but also within our rainwater products business are great brands that we just need to make more of by making sure that our operational efficiency allows us to optimize our opportunity in that market. Of course, overseas as well, you've heard us talk about Paul Hooper and Simon Dray have talked about our track record overseas, including Hong Kong, and latterly Singapore.

Also, we've been growing in other markets as well. If you take out the Hong Kong airport contract, our revenues from exports actually grew by 36% in the last year, showing that the investments we made in overseas technical sales resource do bear fruit.

We have started to do we've done even more of that towards the end of last year and are driving for that growth as well. The third part of our strategy is to drive margin improvement.

We were disappointed by the 10.5% we achieved, largely because of the performance in Water Management in the year just gone, reasons for that being explained by Simon. With the effort we're putting into improving performance there and trying to realize the acquisition synergies between ARP, the Leicester business, and the Kettering business that we already had, we would hope to improve margins in this year and remain committed to our medium-term target of 15% to 20% operating margin.

Then the third, sorry, the fourth aspect of our strategy is to continue to invest in the business, whether that's in new product development, strong technical resource, overseas capability, or new CapEx, like the ones that Simon touched on earlier, and then we'll continue to do that to provide capacity to grow our business, particularly when markets recover. We will also look at selective bolt-on acquisitions where they make sense for the business.

Now, there is a question, and I'll deal with it now in the in the chat, that says, would it be sensible to pursue acquisitions while under the current executive leadership team, or do we need to wait until, we've got a different position? The answer is we will continue to look at acquisitions and and execute undertake acquisitions if they make strategic sense.

The board as a whole will review that. Then actually, the execution of the transaction or any acquisition, and integrating, is the responsibility, always, of the operational teams.

The operational teams haven't changed. In fact, if if anything, they've been strengthened by what what I described earlier.

Hopefully, that that deals with that question. Then, Simon, I think if I go back to you to talk about the next section.

No problem, VJ. I think we've covered the first couple of points on here, but our own greenhouse gas emissions, you see the chart on the right there, they ticked up ever so slightly this year.

These are scopes 1, 2, and business travel, the emissions we cause directly ourselves, ticked up very slightly, but they still represent over 70% reduction since we started measuring them in FY '18. We have now calculated our full carbon footprint across what's termed scopes 1, 2, and 3.

That's everything from extraction of our raw materials through to delivery at site for our customers to use. As you might imagine for a business like ours, the majority of those relate to the carbon embodied in the raw materials at the point we use them, and also our transport, freight, logistics operations.

We'll be engaging with our suppliers to reduce those going forwards. We have science-based targets in place now for reducing the emissions, and we'll be in the process of getting those accredited by the Science Based Targets initiative.

Thanks, Simon. This next slide, again, would help go through the strategic pillars, and this is the second pillar, a bit more detail on that, which is all about organic revenue growth.

As I mentioned earlier, we exited the year with an order book 49% higher than the same time last year, which is obviously quite encouraging. That included the Changi Airport contract.

It's probably instructive to look at the charts on the right there, which show that in recent years, our order book has been dominated by that CLK, or Hong Kong, contract. While that is now tailing off, our order book with other customers is actually the highest it's been for a number of years.

That's quite positive, because while we'll never turn away those big orders, in terms of the quality of revenues, it's encouraging to have the sort of order book we've now got. At the bottom left, what that's showing, and the bottom right, is that that order book we had at 30 June 2026 has actually converted into sales.

We had £15.5 million of orders, and this only relates to Water Management and the Building Envelope business, by the way, because Timloc Housebuilding Products, they're next-day delivery, they don't have an order book. That £15.5 million converted into sales.

We obviously had new orders in the period, £18.5 million was shipped in the first two months. Then the order book was then added to by £18.6 million, which meant that by the end of August, it was back at the same level as at June, but that is 56% higher than at August '25.

As a result, revenues for the first two months of the year have been 5% higher year-on-year, which, in the current difficult market, we're pretty pleased with, not complacent, because we've got another 10 months to go. However, our teams deserve some thanks for what they're doing and how they're responding.

Yeah. The snapshot of our opportunity pipeline at the end of June, we do monitor this.

I'd just point out a couple of points on it. Firstly, over 75% is Alumasc specification products, we are right in the game for when these come to tender.

Dominated by the UK because it's our biggest market, but we have a good split within that of private and public opportunities, including ones supported by rising government spend like defense, like prisons, like transport infrastructure, and to an extent data centres. We've got a good spread of opportunity within the UK.

The other point I would make is increasingly, we're getting more and more overseas opportunities. That overseas pipeline is far, far stronger than it would have been three, four, five years ago.

The local technical sales resources is helping build that, get specifications recognized in territories, especially territories where Alumasc has not been traditionally strong. In the past, Asia and the Middle East would have dominated the chart, but we are seeing some good opportunities in the Americas, Africa, and Europe as well, where we've just added at the end of FY '26 a further technical sales head.

We look forward to bringing some of those into the order book soon, but also to keeping the pipeline stocked up with new opportunities as they come. The margin improvement slide really is just to illustrate the dilutive effects of price passing through cost increases is marginally dilutive to our operating margin, and also the mix variance dragged margins down a bit, but particularly the volume side illustrating our operational gearing.

We do expect improvement in FY '27 centered on the Water Management division, both volume recovery and the efficiency measures taken over the second half of FY '26, but also in that FY '27 time scale, some rationalisation benefits from the supply chain. We are seeing some encouraging early signs, and the board does reaffirm its medium-term target range of 15% to 20% operating margin.

I think we've covered most of the investment slide already. I'd just say referencing M&A opportunities, we do continue to review them.

We are disciplined. The ability to add value post-acquisition is paramount.

They need to be complementary products, services, customers. They particularly need to align with our structural growth drivers.

We quite like those, and we see them as a big contributor to accelerating our revenue growth. We need to be confident that there are available and addressable synergies coming from the acquisition.

As we mentioned before, we have significant headroom to accelerate strategic delivery through targeted investments. Back to VJ for the outlook.

Yeah. Thank you, Simon, this is our final slide, which is really to talk about the future, the outlook.

As I mentioned, we've had a positive start to the year notwithstanding the difficult market. However, we mustn't get carried away.

There's a long way to go in the year still, although we are encouraged by the also strong order intake and the order book being 56% higher than it was a year ago, and also that we should start to see some of the product going out to the Changi Airport in Singapore later this calendar year. As a result of the actions being taken in our Water Management division, we would hope and expect to improve the operating margin for the year as a whole.

Longer term, nothing has changed here, which is that the tailwinds are very strong for Alumasc because of our focus on environmental and products that meet regulations or exceed regulations. There remains a chronic undersupply of new housing in the UK.

As we all know, the government's peers to the committee, Angela Rayner indicated the other day that they still think they can reach the 1.5 million target for this parliament, and we really hope they do. Even if they don't, if they get a high percentage towards that, that will be helpful to our business.

More generally, the commercial building stock, whether that's hospitals, schools, prisons, they are aging, there's a big opportunity once the spending opens on those, but also new areas. Simon mentioned data centres earlier.

We already supply data centres in one of our divisions, we have some track record there, which we can then build upon. Thirdly, despite the challenging circumstances for our industry in the last few years, we've continued to invest, as we've shown, in our capabilities and our capacity, including overseas.

Therefore, when demand as a whole does recover, and surely it will, then the future for Alumasc is pretty positive. I'd like to thank our leadership team who continue to provide stability and continuity to our business and are now really focused on helping all of our divisions grow.

As a result of all of that, the board remains optimistic that we can generate further growth in shareholder value in the time ahead. Thank you very much for joining.

I think that brings to the end our presentation. Shall I hand back over to you, Simon?

Sure. I think that we'll now happily take Q&A.

That's great. Thank you very much for your presentation this afternoon.

Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab situated on the top right-hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation along with a copy of the slides and the published Q&A can be accessed via your Investor Dashboard.

Guys, as you can see, we have received a number of questions throughout today's presentation. Simon, could I please ask you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end.

Thank you very much. I'll just read them from the top, VJ, and we'll decide who's best placed to answer them.

Firstly, have there been any developments with the new Dubai Airport?

Yeah. We are pitching for some work there.

We've actually had a change in our sales team over there, and actually, yeah, that is helping us. The revised team is focused on that, including Peter Blanchard, the MD that I mentioned earlier.

With these contracts, you can never win them straightaway. You have to sort of put some investments in the relationship, understanding what the customer's looking for.

As Simon showed on that world map earlier on, we are investing in this area.

Yeah. The team is based out of Dubai, they're very close to that, as well as port opportunities where they're expanding ports in the UAE, and also the Saudi airports is another one that we're staying very close to, so as things come to tender, we will be right there.

Another one perhaps for you, VJ: can the board pursue acquisitions responsibly while operating under interim executive leadership, or will transactions be deferred until a permanent CEO is appointed?

Yeah. Sorry, this is the one I was trying to cover earlier because it did pop on the screen while we were talking.

Absolutely. Strategically, what happens is that the board looks at acquisitions, the board as a whole rather than one individual.

If the board decides that it is something we want to do, it authorizes that to happen. Then the execution of the transaction and then, importantly, the execution of the integration of any acquisition is very much left to the operating teams.

Nothing has changed on the operating teams, as I said earlier, if anything, they're much more focused on issues that are given the extra resources we've put in. In a word, no, that doesn't change our acquisition capability nor appetite.

Thank you. Is the revenue from new products rising, and can you quantify that if so?

Do you want me to cover that?

Yes, do you want to cover that one, Simon?

Yes, it has risen. It's not a particularly useful indicator, the percentage of revenues from new products.

It's very backward looking. Operationally, I prefer to focus on the pipeline of what's coming through rather than what's already happened.

We do calculate percentage of revenues from new products launched in the last three years, and it is ahead year-on-year. How should we think about the margin profile of overseas projects relative to the UK business?

I'll happily do that one. Generally speaking, the overseas work in total is slightly lower margin than the UK work as they tend to be bigger projects.

The smaller you get, the closer to UK margins the projects are. At the other extreme, for things like the CLK work, that is going to be at the lower end of the sort of margins we charge as an organisation.

I don't want to go into too much detail by project, by customer, but the bigger the project, generally the lower the margin. Do you see opportunities for consolidation within housebuilding products with the current market challenges?

Actually, although we've got a very successful business there, there's actually room for growth rather than consolidation. It's not really my business to say anything about the housebuilders.

Everybody knows about Barratt and Redrow, that they merged not long ago and released their results this morning. I think, in terms of the products we supply, there's probably room for growth.

If the right type of deal comes along, yes, we will look at it. Actually, there's plenty to go for even as we are as a standalone business, because, as we've said, we've got a great business, very good at spotting opportunities to develop new products, and very good at servicing customers.

Hopefully, that helps.

With revenues up 5% in the first two months of FY '27 and the order book 56% ahead, which part of the business has shown the strongest momentum, and what gives you the greatest confidence about the year ahead?

We'll

happily do that. Yes, overall group revenues are up 5%.

Actually, the strongest growth year-on-year is within Water Management, pleasingly, and that's why we're confident of seeing some margin progression within the business as volumes recover within that business. All of the divisions are ahead year-on-year, pleasingly.

The order book, recognising there's no order book within Housebuilding Products because it ships that day what it receives that day and what orders it receives. The order books are ahead in Building Envelope and Water Management, more strongly ahead in Water Management than Building Envelope, but they're both ahead.

They're going well at the minute. Are there any plans or aspirations to move to the main market?

If so, what timelines are you looking at?

I think the short answer is no. We're really focused on just running our business.

For those of you who know, Alumasc moved from the main market to the AIM market just before I joined the board, about seven or eight years ago. I think we'd rather just focus on running the business, and hopefully, we'll get recognition for that and investors will show confidence in us.

Airport drainage: is there a global common design spec, can you supply to any effectively around the world? We can supply to any, but surprisingly there isn't just a single standard, which is why we're putting in place feet on the ground in some of these countries that we've not previously been in.

Gatic is a 100-year-old brand, very well respected. We just need to remind people who may have forgotten about us that we're still here and that we've got fantastic products there.

In one sense, this is a great question, because could we do more? We feel we can, and that's why we've put in quite a bit of focus on this.

What shifts are you working in your manufacturing facilities, and what spare capacity is available? It's probably easier to talk to spare capacity than the shifts because they will vary

from factory to factory and from time of year to time of year. There's plenty of spare capacity.

Building Envelope is, in essence, warehousing. It doesn't do any manufacturing.

It buys in product, designs roof specs, and then ships the product out in accordance with those specs. It has a lot of spare capacity, and at some point, we might need to put more warehousing space in, but we're a long way from having to do that yet.

Water Management, mostly doing a shift and a half, I think, or two shifts, there is more to do there. Also, changing the manufacturing process within the rainwater products division that I touched on there will help to drive capacity without necessarily driving an increase in shift patterns or investing in equipment.

Housebuilding Products business, Timloc, has got plenty of capacity. It is within injection moulding.

They could change the shift pattern, but the easiest way to do it is to add more tooling. If, for example, there's a six-impression tool, you can quite easily scale that up to a 12-impression tool and double capacity without any large investments in labor or capital expenditure.

There's plenty of headroom within all the businesses to grow.

That's great. Thank you for answering all those questions you can from investors.

Of course, the company can review all questions submitted today and will publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which is particularly important to the company, VJ, could I please ask you for a few closing comments?

Thank you very much. Firstly, repeat my thanks to Investor Meet Company for hosting this session.

Much appreciated. Thank you, very importantly, to all of you who have taken your time today to come and join us.

For those who are shareholders, we appreciate your support. For those who aren't, we hope that you will decide to become shareholders.

Final thank you on all of your behalf is to our management and employees who, in very difficult circumstances, market backdrop, have produced what is a resilient performance. On your behalf, in case any of those are on the call, I'd like to also thank them.

Thank you all very much. Have a good afternoon.

That's great. Thank you for updating investors today.

Could I please ask investors not to close the session, as you will now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company.

On behalf of the management team, good afternoon.