News Column

Alent Leads FTSE 250 After It Sees Steady Demand Increase

May 19, 2014

Steve McGrath

LONDON (Alliance News) - Alent PLC Monday said its outlook for 2014 is unchanged after trading so far was in line with its expectations, with a slight increase in demand in its main principle electronics and automotive end-markets.

In a statement, the advanced surface treatment plating chemicals and electronics assembly materials company said its net sales value was GBP98.9 million in the first quarter of the year, down from GBP101.8 million in the first quarter of 2013. It said net sales value would have been up 6.5% at constant exchange rates.

Net sales value was up 3.7% at constant exchange rates to GBP48.1 million in the quarter in its assemble materials business, and was up 3.7% to GBP50.8 million on the same basis in the surface chemistries unit.

It said higher demand was being driven by higher car production, while improving consumer confidence around the world was helping electronics demand.

"Our expectations for 2014 remain unchanged from our full year results announcement in March. While foreign exchange translation will continue to be a headwind at current rates, we expect our normal seasonal improvement in the second half of the year," the company said in its statement.

The company's net debt stood at GBP111.0 million at the end of March, up from GBP96.5 million at the end of December. It said it remains on track with the restructuring initiatives it previously announced.

Alent shares were up 3.9% at 313.95 pence Monday morning, the biggest gain on the FTSE 250.

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Source: Alliance News