Business
Half Year Results
Half Year Results.
About this update from Castings Public Limited Company
[{"type":"text","content":"\n RNS Number : 7621W Castings PLC 25 November 2010 \n \n\nInterim Management Report\n \nProfit before tax after exceptional items for the six months ended 30th September 2010 was £5.12m compared to £1.89m for the same period last year.\n \nSales for the period April to September 2010 were £44.6m compared to £26.0m for the same period last year. \n \nIt is pleasing to report that sales have recovered at a rapid rate during this reporting period and we are now operating at about 90% of previous high levels.\n \nThe increases have been achieved by the recovering fortunes of the heavy vehicle production in Europe, through increased worldwide sales. We anticipate this increase will continue at a much slower rate throughout 2011. It is also pleasing to report new work has been obtained for our machining company CNC Speedwell from new and existing customers. We are seeing the benefit of our considerable capital investment in CNC now that volumes are increasing.\n \nThe new foundry at William Lee is operating on a limited basis and it is expected new business will result in increasing output in the future.\n \nIt is hoped, provided there is no reported 'double dip' in the economy, that the full year results will show a recovery towards our previous levels.\n \nAn interim dividend of 2.71 pence per share has been declared and will be paid on 7th January 2011 to shareholders who are on the register at 10th December 2010.\n \nPrincipal risks and uncertainties\nThere are a number of potential risks and uncertainties which could have a material impact on the group's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results. The directors do not consider that the principal risks and uncertainties have changed since publication of the annual report for the year ended 31st March 2010. A detailed explanation of the risks relevant to the group is on pages 8 and 9 of the annual report.\n \nCautionary statement\nThis Interim Management Report (\"IMR\") has been prepared solely to provide additional information to shareholders to enable them to assess the group's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any o...