- Building products supplier Alumasc Group said it expected its annual underlying profit to be 10-15% below market expectations amid losses at its architectural screening, solar shading and balconies business.

The divisions, which accounted for 20% of company revenues, continued to experience construction project delays at the Levolux brand and was expected to post a deeper-than-expected loss in the second half.

Margins also remained below expectations in the embryonic balconies business.

'In response to this, the board has moved to change and restructure the Levolux management team in recent months and is already working with the new team on operational improvements to restore profit as soon as possible, together with a strategy to maximise value,' Alumasc said.

The company said it planned to hold its annual dividend steady at 7.35p per share for the current financial year through June.

The roofing & water management and housebuilding & ancillaries divisions were both continuing to 'grow well ahead of the UK construction market' and were expected to deliver 'very encouraging' overall year-on-year revenue growth.

At 2:44pm: [LON:ALU] Alumasc Group PLC share price was -0.5p at 102.5p

Story provided by