Castings PLC Trading Statement (0828C)
October 07 2022 - 1:00AM
UK Regulatory
TIDMCGS
RNS Number : 0828C
Castings PLC
07 October 2022
Castings PLC
Trading Update and Notice of Results
Castings PLC ("Castings" or "the Company") announces a trading
update in respect of the six months ended 30 September 2022.
The underlying demand for heavy trucks (70% of group revenue)
remains strong and we have seen a more consistent conversion of
forward schedules in the period. This strength continues to be
reflected in the schedules that our OEM customers are
providing.
Input price changes continue to be passed onto our customers
through both established escalators and additional price increases.
The most significant increase came into effect on 1 October 2022
following the end of our fixed price electricity contract. The
higher unit cost for power is being surcharged to our customers
immediately and will therefore increase revenue in the second half
of the year. This should not adversely affect group profit as it is
a pass-through of a direct cost increase.
The commissioning of an automated pouring process, on one of our
largest production lines, was completed during the summer.
Following the initial bedding-in period, we are now seeing
increased output and production efficiencies on this plant with
further productivity expected to be realised in the coming
months.
The balance sheet remains 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 16
November 2022.
S J Mant
Director and Company Secretary
Castings PLC, Lichfield Road, Brownhills, West Midlands, WS8
6JZ
7 October 2022
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