Final Results
23 May 2003 - 6:45PM
UK Regulatory
RNS Number:4564L
Castings PLC
23 May 2003
CASTINGS PLC
RESULTS FOR YEAR ENDED 31 MARCH 2003
SUMMARISED GROUP PROFIT AND LOSS ACCOUNT
YEAR ENDED YEAR ENDED
2003 2002
#000 #000
TURNOVER 59,895 56,120
OPERATING PROFIT 8,614 8,223
EXCEPTIONAL ITEM - PENSION COSTS (4,052) -
OTHER INCOME 1,132 1,671
PROFIT BEFORE TAXATION 5,694 9,894
TAXATION ON PROFITS (1,549) (2,903)
PROFIT ATTRIBUTABLE TO SHAREHOLDERS 4,145 6,991
INTERIM DIVIDEND ALREADY PAID 2.32PENCE 2.26PENCE
-PENCE PER SHARE
RATE OF FINAL DIVIDEND PROPOSED (PENCE) 5.87PENCE 5.59PENCE
AMOUNT ABSORBED BY DIVIDENDS(#000) #3,573 #3,423
EARNINGS PER SHARE -BASIC 9.50PENCE 16.05PENCE
-ADJUSTED 16.00PENCE 16.05PENCE
-DILUTED 9.50PENCE 16.04PENCE
THE EARNINGS PER SHARE ARE BASED ON THE WEIGHTED AVERAGE NUMBER OF SHARES IN
ISSUE OF 43,622,068 IN 2003 AND 43,547,068 IN 2002.DILUTED EARNINGS PER SHARE
ARE BASED ON 43,622,068 SHARES BEING THE WEIGHTED AVERAGE NUMBER OF SHARES IN
ISSUE AFTER ADJUSTMENT FOR THE EFFECT OF DILUTIVE SHARE OPTIONS (2002:
43,597,068).
SUMMARISED GROUP BALANCE SHEET
31 MARCH 2003 31 MARCH 2002
#000 #000
TANGIBLE ASSETS 32,067 28,410
INVESTMENTS 704 704
CURRENT ASSETS
STOCKS 4,284 3,509
DEBTORS 12,863 12,597
CASH AT BANK 25,522 27,367
______ ______
42,669 43,473
CREDITORS - UNDER ONE YEAR (17,740) (14,596)
______ ______
NET CURRENT ASSETS 24,929 28,877
PROVISIONS FOR LIABILITIES/CHARGES (966) (1,876)
______ ______
56,734 56,115
______ ______
CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL 4,363 4,358
SHARE PREMIUM 874 832
RESERVES 51,497 50,925
______ ______
56,734 56,115
______ ______
SUMMARISED CASH FLOW STATEMENT 31 MARCH 2003 31 MARCH 2002
#000 #000
NET CASH INFLOW FROM OPERATING ACTIVITIES 10,750 11,325
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE:
INTEREST RECEIVED 1,132 1,671
TAXATION (2,572) (3,264)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT:
PURCHASE OF TANGIBLE FIXED ASSETS (7,673) (12,450)
INVESTMENTS MADE - -
SALE OF TANGIBLE FIXED ASSETS 26 7
EQUITY DIVIDENDS PAID (3,451) (3,301)
_______ _______
CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES (1,788) (6,012)
AND FINANCING
MANAGEMENT OF LIQUID RESOURCES:
DECREASE IN SHORT-TERM DEPOSITS 1,642 5,964
FINANCING:
CHANGE IN ORDINARY SHARE CAPITAL 47 (13)
____ ____
DECREASE IN CASH (99) (61)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
DECREASE IN CASH IN THE PERIOD (99) (61)
DECREASE IN LIQUID RESOURCES (1,642) (5,964)
_______ ______
CHANGE IN NET FUNDS FROM CASH FLOWS (1,741) (6,025)
OPENING NET FUNDS 27,967 33,992
______ ______
CLOSING NET FUNDS 26,226 27,967
THE RESULTS FOR THE YEAR TO 31 MARCH 2003 HAVE BEEN EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR THE YEAR WHICH HAS BEEN AUDITED AND WILL BE FILED WITH THE
REGISTRAR OF COMPANIES.THE RESULTS FOR THE YEAR TO 31 MARCH 2002 ARE AN ABRIDGED
VERSION OF THE COMPANY'S FULL ACCOUNTS FOR THAT YEAR WHICH RECEIVED AN
UNQUALIFIED REPORT BY THE AUDITORS AND HAVE BEEN FILED WITH THE REGISTRAR OF
COMPANIES.
PROFITS BEFORE THE EXCEPTIONAL ITEM ARE BROADLY IN LINE WITH LAST YEAR AND WE
CONSIDER THEY ARE SATISFACTORY AGAINST A BACKGROUND OF INCREASED DEPRECIATION
CHARGES ARISING FROM SIGNIFICANT CAPITAL EXPENDITURE,REDUCED INVESTMENT INCOME
AND AT A TIME OF A VERY DIFFICULT ECONOMIC ENVIRONMENT.
THE BOARD CONSIDER THE PENSION FUND DEFICIT ARISING FROM THE LATEST ACTUARIAL
VALUATION SHOULD BE FUNDED AS A LUMP SUM AND IS SHOWN AS AN EXCEPTIONAL ITEM
AGAINST THIS YEAR'S PROFIT.THIS WILL HELP FUTURE COMPETITIVENESS WITHOUT
INCREASING ONGOING COSTS.
EXPORTS HAVE AGAIN INCREASED TO A RECORD LEVEL OF 51% OF OUR TOTAL SALES.
PRESENT TRADING IS BELOW LAST YEAR'S LEVELS PERHAPS DUE TO THE MANY
UNCERTAINTIES IN EUROPE AND THE REST OF THE WORLD.IT IS HOPED LONG TERM THE
WEAKER POUND AGAINST THE EURO WILL HELP OUR EXPORT EFFORTS DESPITE INCREASED RAW
MATERIAL PRICES.
THE ANNUAL GENERAL MEETING WILL BE HELD ON TUESDAY 12 AUGUST 2003 AND IF THE
PROPOSED FINAL DIVIDEND IS APPROVED BY THE MEMBERS,THE DIVIDEND WILL BE PAID ON
FRIDAY 15 AUGUST 2003.THE RECORD DATE WILL BE 18 JULY 2003.
B J COOKE. CHAIRMAN.
CASTINGS PLC. LICHFIELD ROAD. BROWNHILLS. WEST MIDLANDS. WS8 6JZ
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