Castings PLC Trading Update (1439B)
October 06 2020 - 1:00AM
UK Regulatory
TIDMCGS
RNS Number : 1439B
Castings PLC
06 October 2020
Castings PLC
Trading Update and Notice of Results
Castings PLC announces a trading update in respect of the six
months ended 30 September 2020.
We reported in August 2020 that demand from the commercial
vehicle sector had increased to over 60% of pre-Covid output
levels. Forward schedules at that time were suggesting a further
increase to approximately 85% and it is pleasing to report that the
monthly demand is now at this level.
Future schedules currently suggest output levels moving back
towards pre-Covid levels during the third quarter of the financial
year. However, there remains uncertainty regarding the impact of
Brexit and the pandemic and therefore whether this forecast demand
increase will materialise and how sustainable it might be.
In the light of the pandemic, the board has focussed on cash
preservation during the six-month period; the balance sheet remains
strong with cash levels of GBP35 million as at 30 September
2020.
It was previously reported that the group's Fradley site had
been closed and the machining business consolidated at the
Brownhills facility. The group completed on the sale of this site
for GBP1.95 million on 22 September 2020.
Notice of results
The Group intends to announce its half year results on 13
November 2020.
S J Mant
Director and Company Secretary
Castings PLC, Lichfield Road, Brownhills, West Midlands, WS8
6JZ
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