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one of jewels lol ...strong aligned management (another director's buy after results) ...decent multiples: EV/EBIT is comfortable (not cheap mind) range: 7-8; strong net cash; 50% premium to tnw ...markets poor/ok but perhaps stabilising "Outlook At the present time business has improved and it is expected to remain busy for the foreseeable future. "
it seems
Outlook At the present time business has improved and it is expected to remain busy for the foreseeable future. It is very difficult, if not impossible, to forecast long term demand because of the continuing European, and to a lesser extent world, economic problems. Truck demand as reported by the industry is increasing, however there is general market concern that this may be driven by new European emission legislation being introduced at the end of 2013 and there may then be a short term reduction in early 2014. The company is in a good financial state and continues to be able to make timely investment decisions. In conclusion, our thanks go to all our employees who contribute to the continued success of the company and also being understanding of the variable demands from our customers which require a considerable amount of flexibility in hours of work.
The turnover of the group reduced to £122.2 million from last year's record of £126.3 million representing the second highest turnover of the group. Profits of £19.2 million, compared with £23.1 million last year, are considered satisfactory given the economic situation in Europe.
Castings' shares were down 5.52% to 325p at 10:21 on Friday morning.
Castings, the FTSE All-Share-listed company which manufactures iron castings, has provided an update on its performance for the period from October 1st to January 31st, predicting its results will be 'marginally below current market expectations.' In the interim management statement Brian Cooke, Chairman of the company, said: "Since the last interim report, there have been further reductions in demand from many of our customers. These appear to have plateaued and we anticipate that the year end results will be marginally below current market expectations." He added: "In these uncertain times it is impossible to make forecasts for next year."
save the European markets must still be struggling
over ?nothing much - keep calm & carry on... Jolly relaxed
all good - yawn
little volume or action; 3 month average ~ 18,000/day (and much of all trades on two or three spikes in that period) All good, really (no panic, Mr M) Jolly (so far)
to buy or for exit
promising first afternoon time will tell
a flutter, of course!
DYOR & clearly not investment advice: EV now approaching £100m which seems to discount a fair amount of bother I've dipped toe in - bought 275 @ £2.99. Market (general and for CGS in particular) may get ugly, so let's see whether I have the confidence to load up at lower sp! Jolly fun
Sales for the six months ended 30 September 2012 were £60.4m (2011 - £64.0m) with profit before tax after exceptional items of £9.11m (2011 - £10.13m). The company enjoyed reasonable trading conditions up to the end of August. In September the foundries experienced a reduction in schedules from our main customer base. Since then we have seen further schedule and order reductions amounting in total to 20%. Our main customer base, the European truck manufacturers, are forecasting that orders will continue at around this lower level into 2013 while the economic situation is in such an uncertain state. It is pleasing to report CNC have increased turnover and profits during the half year; this is mainly as a result of new business coming into production. However, CNC will be affected by the general downturn in truck business. It is somewhat strange that the UK is meant to have moved out of recession when Europe is in such turmoil and so many companies in engineering are seeing reductions in demand. The company will take the necessary action to maintain efficiency at lower levels of production in order to operate at a profitable level and generate good cash flows. An interim dividend of 2.98 pence per share has been declared and will be paid on 4 January 2013 to shareholders who are on the register at 30 November 2012.
JL - Apologies for the delay in replying ! yes I took a nice little profit - missed the top ...chickened out too early but profit is profit! GL
Castings, which as the name suggests, makes iron castings, has announced record profits for the year ending March 31st while sounding a note of caution on export orders. By most measures Castings has done well, as turnover increased from £105.4m to a record £126.3m, of which 66% came from exports. Profits before tax increased from £15.5m to £23.1m. There are three companies which operate under the Castings umbrella: Castings and CNC Speedwell both operate from Brownhills in the West Midlands while Wm Lee is based in Dronfield, South Yorkshire. The firm is benefiting from new warehousing in Brownhills, opened in January, which is helping with logistics and stock management. Production at Castings and and WM Lee is described as ”satisfactory” but the firm notes there is still 20% spare capacity. The hope is that the European truck industry, a big market for Castings, will return to pre-2008 levels.
We seem to share a number of interests. You must be pleased :-)
From past performance there could be an 'easy' 20% rise on the SP from here
CASTINGS As its name suggests, this company makes castings that are subsequently machined into components, such as differentials and steering knuckles for trucks, tractors and cars. It exports 60% of its sales to companies such as Scania, DAF and BMW. Castings remained profitable through the recession and emerged stronger from it, so its shares are not as cheap as they were. It's trading at a reasonable 1.5 times book value and it typically earns a 13% return on equity. But Castings is a financial fortress, so maybe it's one to watch, and buy if the market falters and short-sighted investors sell. Source moneywise
Just come across this company - nice results and SP movement of late
Business and Financial Review We have seen further increases in demand during the financial year and we have added further shifts to match the increased order levels. Revenue has increased by 74% to £105 million of which 60% was exported. The despatch weight of castings to third party customers was 50,600 tonnes, being an increase of 18,800 tonnes from the previous year. Revenue from the machinist operation, CNC Speedwell, increased by 151%. The speed at which volumes increased did result in some temporary inefficiencies in production which, along with raw material price increases, have impacted on margins when compared to pre-recession levels. The use of the new foundry at William Lee continues to increase as volumes rise. During the year we have received £0.86 million from the administrators of the UK subsidiaries of the Icelandic banks. This brings the total sums received to-date to £2.06 million which is £0.2 million in excess of the original estimate of recoverable amounts. Given the uncertainty over the quantum and timing of any possible further receipts, no allowance has been made for future recoverable amounts. The level of finance income again reflects the prevailing low interest rates during the year. The overall cash position at the balance sheet date has reduced by £1 million as the group has invested £9 million in plant and equipment during the year which has off-set the £13 million net cash generated from operating activities (excluding dividends paid of £4.4 million). The pension valuation showed a further improvement in the surplus, on an IAS 19 basis, to £6.7 million. This continues to not be recognised on the balance sheet due to the restriction of recognition of assets. Overall the group returned a profit before taxation of £15.5 million for the year, which includes a £0.4 million credit in respect of the defined benefit pension schemes (as set out in note 6) in accordance with IAS 19. The directors are recommending a final dividend that will be paid August which, with the interim dividend paid in January, will result in the return of £4.7 million to shareholders.
http://www.investegate.co.uk/Article.aspx?id=201106220900018640I