{"id":696426,"date":"2026-07-17T10:08:17","date_gmt":"2026-07-17T10:08:17","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/696426\/"},"modified":"2026-07-17T10:08:17","modified_gmt":"2026-07-17T10:08:17","slug":"board-suspends-alumasc-ceo-after-trading-update","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/696426\/","title":{"rendered":"Board suspends Alumasc CEO after trading update"},"content":{"rendered":"

The board said Bingham, who took up the CEO role just four months ago, had been suspended while a full investigation, supported by professional advisers, is carried out. No further details of the allegations were disclosed.<\/p>\n

Non executive chair Vijay Thakrar has taken over as interim executive chair with immediate effect, supported by the group\u2019s divisional managing directors and chief financial officer to ensure business continuity.<\/p>\n

<\/a><\/p>\n

The leadership shake-up came as Alumasc said trading for the year to 30 June remained broadly in line with downgraded market expectations despite tough construction markets.<\/p>\n

Revenue is expected to fall to around \u00a3107m from \u00a3113m last year, while underlying pre tax profit is forecast at about \u00a310m, down from \u00a314m.<\/p>\n

The group blamed weaker demand on affordability pressures, planning delays and continued geopolitical uncertainty, saying customers had postponed project decisions and delayed call offs during the final quarter.<\/p>\n

<\/a><\/p>\n

Water Management was the weakest performing division, with revenue down around 16%, although the decline narrowed to about 3% after stripping out the prior year\u2019s major CLK Airport project in Hong Kong. Alumasc said commercial and operational improvement measures were already beginning to have a positive impact.<\/p>\n

Building Envelope held revenue broadly flat, while Housebuilding Products grew sales by around 16%, helped by market share gains, customer service improvements and new product launches.<\/p>\n

Despite lower earnings, Alumasc ended the year with a 49% larger order book than a year earlier and net debt of about \u00a37m.<\/p>\n

The company said the stronger pipeline and ongoing performance improvement initiatives left it well placed for the new financial year, although it remains cautious over market conditions. A further update on both trading and the investigation into Bingham will be provided in due course.<\/p>\n

<\/a><\/p>\n

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