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CGS Castings Plc

331.00
-5.00 (-1.49%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Castings Plc LSE:CGS London Ordinary Share GB0001795680 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -5.00 -1.49% 331.00 324.00 338.00 16,651 16:35:23
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Malleable Iron Foundries 200.99M 13.79M 0.3161 10.63 146.6M

Castings PLC AGM Statement (0385J)

19/08/2021 7:00am

UK Regulatory


Castings (LSE:CGS)
Historical Stock Chart


From Mar 2021 to Mar 2024

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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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END

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(END) Dow Jones Newswires

August 19, 2021 02:00 ET (06:00 GMT)

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