Castings PLC Trading Statement and Notice of Results (7281X)
28 Abril 2023 - 1:00AM
UK Regulatory
TIDMCGS
RNS Number : 7281X
Castings PLC
28 April 2023
Castings PLC
Trading Update and Notice of Results
Castings PLC announces a trading update in respect of the year
ended 31 March 2023, with the result anticipated to be ahead of
market expectations .
In November 2022 we reported strong demand from the commercial
vehicle sector (70% of group revenue), reflecting the high build
rates that the heavy truck OEMs require to satisfy their order
books. This situation continued during the remainder of the
financial year with customers increasing schedules through that
period.
We have seen an increase in the total weight of castings
despatched during the year. However, significant production
rebalancing has been necessary to accommodate the higher volumes,
which have been skewed towards certain production lines. This has
caused some production inefficiencies, particularly in the second
half of the year, but these are now largely behind us.
Input price changes in respect of raw materials and energy have
been recovered from our customers through established escalators.
The most significant increase related to electricity following the
end of a fixed price contract on 30 September 2022; the additional
cost for power was surcharged to our customers and resulted in an
increased revenue in the second half of the year. This did not
adversely affect group profit as it is a pass-through of a direct
cost increase. Further price increases are being negotiated in
respect of other cost rises.
The balance sheet remains strong with neutral cash flow
following an increase in working capital and the payment of the
supplementary dividend.
At this early stage of the new financial year, the forward
demand schedules continue to reflect the strong order books across
our customer base.
Notice of Results
The group intends to announce its results for the year ending 31
March 2023 on 14 June 2023.
This announcement contains inside information.
S J Mant, Director and Company Secretary
Castings plc, Lichfield Road, Brownhills, West Midlands WS8
6JZ
28 April 2023
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END
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