Castings PLC Trading Update and Notice of Results (4545P)
10 Ottobre 2023 - 8:00AM
UK Regulatory
TIDMCGS
RNS Number : 4545P
Castings PLC
10 October 2023
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 six
months ended 30 September 2023.
The underlying demand for heavy trucks (approximately 75% of
group revenue) remains strong and this continues to be reflected in
the schedules that our OEM customers are providing. The high level
of demand, both current and forecast, is in excess of our current
foundry production capacity and initiatives are in place to
capitalise on this in both the short and long term.
Input prices appear to have stabilised in the current year and
in some areas we are seeing slight reductions. The higher unit cost
for electricity, following the end of a fixed contract on 30
September 2022, continues to be surcharged to our customers. This
will not adversely affect group profit as it is a pass-through of a
direct cost increase, but will increase revenue in the six-month
period compared to the prior period.
The balance sheet remains very strong with pre-dividend cash
generation during the six-month period and management remain
confident that the Company will continue to trade in line with
market expectations.
Notice of Results
The Company intends to announce its half year results on 10
November 2023.
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTUPGBWUUPWGWB
(END) Dow Jones Newswires
October 10, 2023 02:00 ET (06:00 GMT)
Grafico Azioni Castings (LSE:CGS)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Castings (LSE:CGS)
Storico
Da Giu 2023 a Giu 2024