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Vulcan Industries Plc (VULC)

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Wednesday 20 January, 2021

Vulcan Industries Plc

Trading and Proposed Acquisition Update

20 January 2021

Vulcan Industries Plc
(“Vulcan” or the “Group”)

Trading and Proposed Acquisition Update

Vulcan Industries plc (AQSE: VULC) is pleased to announce a trading update following publication of the Group's final results and interim results for the 6 months ended 30 September 2021 on 15 January and 18 January 2021 respectively. 

All the businesses within the Group continue to show improved performance for the third quarter to 31 December 2020 (“Q3”), in line with management expectations. Despite the difficult trading conditions imposed by Covid restrictions, Q3 Revenue was up 14% at £1.6m compared to Q2 ending 30 September 2020. 

M&G Olympic Products Limited has a confirmed order book of £4.5m with a further £1.2m pipeline. A significant new order for £600,000 has been confirmed. The new management team have made significant progress with improving sales and production planning and execution.

Orca Doors Limited will operate near full capacity for the next quarter with a strong order book to the end of July 2021 and a further £1.2m of tenders awaiting award. Pipeline currently exceeds £400,000.

IVI Metallics Limited (“IVI”) had a strong December and has a secured Q4 order book of over £600,000. With two European steel suppliers, IVI has successfully managed the administrative changes ushered in by Brexit ensuring continuity of supply to feed a strong order-book. Exports to the US are unaffected and the quality of customer relations with our largest importer into the US have ensured the sales volumes remain stable.

The Group is in the process of integrating its recent acquisition of the business and assets of Romar Process Engineering Limited with Time Rainham Limited which is expected to generate further operating efficiencies.

The Board also announces that the exclusivity period in respect of the proposed acquisition of E Lowe Holdings Ltd (“E Lowe”) expired on 15 January 2021 and the Board has been advised that E Lowe’s owner no longer wishes to proceed with the transaction. The Board continues to review alternative targets and will continue raising capital for acquisitions as negotiations progress.

About Vulcan

Vulcan seeks to acquire and consolidate traditional but historically profitable engineering, manufacturing and industrial SMEs for value and to enhance this value in part through group synergies, but primarily by unlocking growth which is not being achieved as a standalone private company. 

M&G Olympic Products Limited, Orca Doors Limited, IVI Metallics Limited and Time Rainham Limited are wholly owned by Vulcan. For further information, visit: https://vulcanplc.com 

Contacts

Vulcan Industries plc Via Vox Markets
Ian Tordoff, Chairman
First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser) +44 7876 888 011
Brian Stockbridge
Gabrielle Cordeiro
Vox Markets (Media and Investor Relations) [email protected]
Kat Perez +44 7881 622 830
Paul Cornelius + 44 7866 384 707

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