Alumasc Group PLC (AIM:ALU, FRA:0JL) suspended chief executive Pamela Bingham pending an investigation into matters relating to her professional conduct, overshadowing a full-year update that showed lower revenue and profit.
Non-executive chair Vijay Thakrar has temporarily taken on executive responsibilities, supported by the group’s divisional managing directors and chief financial officer. Alumasc said the investigation is being carried out with support from professional advisers.
For the year ended 30 June, revenue is expected to fall to about £107 million from £113 million, while underlying pre-tax profit is forecast at roughly £10 million, down from £14 million.
The building-products group said difficult market conditions delayed customer decisions and project call-offs, although its order book at the end of June was 49% higher year on year. Net debt stood at around £7 million, equivalent to leverage of about 0.5 times.
In London, the share fell 10.8%, changing hands at 205p.
