Castings PLC AGM Statement (0385J)
August 19 2021 - 2:00AM
UK Regulatory
TIDMCGS
RNS Number : 0385J
Castings PLC
19 August 2021
Castings plc
Interim Management Statement and AGM
Castings PLC announces a trading update ahead of the AGM being
held today at 3.30pm at The Fairlawns Hotel and Spa, 178 Little
Aston Rd, Walsall, WS9 0NU.
We previously reported in June that our commercial vehicle
customers (70% of group revenues) were forecasting increased
volumes in the second half of the current financial year but were
experiencing some problems in their supply chains, particularly in
respect of semiconductors.
Output during the first quarter of the financial year was in
line with recent years before COVID-19. However, the reported
supply chain issues have forced the OEMs to reduce truck build
rates to below their order intake levels. This particularly
impacted group sales in the last two weeks of June and has
continued to do so into the second quarter.
The forward demand schedules continue to reflect the higher
build rates that the heavy truck OEMs require to satisfy their
orderbooks. Clearly there remains uncertainty over whether the
supply chain restrictions will allow the strong forward schedules
to be realised in the near term. The group has maintained high
production levels to increase stocks and ensure we are able to
supply the higher anticipated demand.
Raw material prices have continued to rise into the current
financial year which, with the time-lag in the associated sales
price increase, is still negatively impacting margins.
Our investment remains focused on automation technologies to
improve our productivity and profitability.
B.J.Cooke, Chairman
Castings plc, Lichfield Road, Brownhills, West Midlands WS8
6JZ
19 August 2021
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