Alumasc suspends CEO amid probe into her "professional conduct"

Shares in Alumasc Group PLC tumbled on Friday, after the company said it has suspended Pamela Bingham as chief executive pending an investigation into her "professional conduct".

The Northamptonshire-based supplier of building products for water and energy management also provided a trading update, reporting "continued delays in order book and pipeline conversion" amid the US-Iran war and political uncertainty in the UK.

Alumasc shares were down 7.1% to 213.75 pence following the announcement. They are down 38% over the past 12 months. The company has a market capitalisation of £77 million.

Non-Executive Chair Vijay Thakrar has taken on the role of executive chair on an interim basis while the company conducts a full investigation of CEO Bingham with its external advisers. Alumasc provided no other detail about the "matters" being investigated.

Separately, Alumasc said revenue is estimated to have fallen to around £107 million for the financial year that ended June 30 from £113 million in financial 2025 and underlying pretax profit to about £10 million from £14 million.

This reflects continued "continued delays in order book and pipeline conversion" amid "strengthening demand headwinds".

By division, Housebuilding Products revenue rose by around 16% and Building Envelope revenue was flat, but Water Management revenue fell by around 16%, or by 3% when excluding revenue from the CLK airport project in Hong Kong in the financial 2025 comparison year.

Alumasc said it ended financial 2026 with an order book 49% above a year earlier.

Chair Thakrar said the results were in line with Alumasc's third-quarter trading update, despite the rising market headwinds, thanks to "self-help initiatives around operational efficiencies".

The company will release its full annual results in September.

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