(Alliance News) - Castings PLC said on Wednesday its annual profit and revenue had both jumped in its financial year, with an increased turnover and strong order books for heavy trucks.
The company's pretax profit for the financial year ended March 31 was GBP16.7 million, up 38% from GBP12.1 million the previous year. Castings said this was due to a turnover of GBP201 million, up 35% from GBP149 million the previous year. Operating profit was GBP16.4 million, up 36% from GBP12.0 million.
Revenue jumped to GBP201.1 million from GBP148.6 million the previous year. Castings noted that the year saw increased demand for its commercial vehicle customers, which comprise 75% of the company's revenue, with the company experiencing a strong order book for heavy trucks.
Castings declared a final dividend of 13.5 pence, up 7.1% from 12.6p the previous year. The total dividend was 17.4p for the year, up 7.4% from 16.2p last year
The company announced a supplementary divided of 15p per share to be paid on July 26 to shareholders. This dividend is discretionary and non-recurring.
"Our customers continue to increase schedules with demand for heavy trucks in particular remaining very strong," said Chair A. N. Jones.
"In addition, demand in other growth sectors such as USA, wind energy, trailer braking and coupling systems in innovative agricultural products continue to grow."
Castings shares were down 1.0% at 402.00 pence in London on Wednesday.
By Will Neill, Alliance News reporter
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Castings (CGS)