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information contained within this announcement is deemed by the
company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
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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