Castings PLC
Trading Update and Notice of Results
Castings PLC ("Castings" or "the
Company"), the leading iron casting and machining group primarily
focused on the European heavy truck market, announces a trading
update in respect of the year ended 31 March 2024 with the result
expected to be marginally ahead of market expectations.
The underlying demand for heavy
trucks (approximately 75% of group revenue) was particularly strong
in the first half of the year. The backlog demand from the Covid
period, and the well-publicised supply constraint issues, appears
to have now been absorbed by the OEMs and forward schedules are now
at a lower level.
Input prices have remained
relatively stable during the year. Electricity surcharges have
continued to be applied in the period since 1 October 2022 at a
relatively consistent level but have reduced from 1 April 2024 to
reflect lower energy prices.
The balance sheet remains strong.
The level of investment has been higher than in recent years and
will continue to be so as the new foundry line progresses. Other
investments have been focused on replacement equipment, robotics
and AI, and sustainability initiatives including solar panels and
energy efficient chilling systems in the machine shop.
Notice of Results
The company intends to announce its
full year results on 12 June 2024.
Castings
PLC
+44 (0) 1543 374341
S J Mant, Director and Company
Secretary
Canaccord Genuity Limited (Joint
Broker)
+44 (0) 20 7523 8000
Adam James
Zeus
Capital Limited (Joint
Broker)
+44 (0) 20 3829 5000
Dominic King (Corporate
Broking)
David Foreman (Investment
Banking)
Notes for Editors
Castings PLC is a leading iron casting and machining group
based in the UK, supplying both the domestic and export markets. It
has gross foundry capacity of 70,000 tonnes p.a. and is highly
invested with the latest automation technologies. This enables high
mix production of low volume parts on a just in time basis to
provide a competitive edge. Castings has long-term relationships
with the major OEMs in its core European heavy truck market and
their platforms typically last over 10 years in production. In
addition to the commercial vehicle sector, Castings PLC also
supplies the wind power, agriculture, rail and material handling
markets. www.castings.plc.uk