Castings setting profits in stone

Castings, the West Midlands based cast maker, says despite economic uncertainty trading conditions have remained good through the last six months.

Sales for the six months to 30 September were £64.0m compared to £44.6m for the equivalent period of 2010, a rise of 43%.

The adjusted profit before tax figure came in at £10.13m, nearly double the £5.12m of the prior year.

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Castings remains cautious about future prospects however: "Certain customers have reported that commercial vehicle production is reducing by 10 to 15% and this has been reflected in some of our customer's schedules. It is still very early to forecast what effect these reductions, and potentially further reductions, will have on the full year results."

Neverthless, it will pay an interim dividend of 2.91p per share up from the 2.71p paid in the last year.

Castings was 9.27% up at 284.66p by 11:29.

BS