REG - Castings PLC - AGM Statement

CastingsAnnouncement

20/08/2024 07:00

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RNS Number : 9822A  Castings PLC  20 August 2024

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Castings plc

Interim Management Statement and AGM

 

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 ahead of the AGM being held today at 3.30pm at
Castings PLC, Lichfield Road, Brownhills, West Midlands, WS8 6JZ.

 

We previously reported in June that demand from our commercial vehicle
customers (80% of group revenue) was at a lower level, relative to the
elevated demand in the year ended 31 March 2024, with the potential for a
slight increase in the autumn.

 

Demand has remained at lower levels and our customers have now indicated that
there is unlikely to be any improvement before at least early 2025. The OEMs
are citing caution in the end customer buying decisions, particularly in
Europe. In the light of this, the result for the full year to 31 March 2025 is
anticipated to be below market expectations.

 

Following the asset purchase from administration on 14 June 2024, the Castings
Ductile business in Scunthorpe commenced production in early July and it is
pleasing to report that the vast majority of the former customer base has been
retained.

 

The expected cost of the new foundry production line being installed at our
Dronfield site remains in line with budget and is still expected to be
complete in early summer 2025.

 

 

A N Jones, Chairman

Castings plc, Lichfield Road, Brownhills, West Midlands, WS8 6JZ

20 August 2024

 

 

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

 

 

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