LONDON (Alliance News) - Metal fabricator Castings PLC on Wednesday said it expects its final results for the year ended March 31 ahead of market expectations.
Castings said it saw strong demand in the second half, which included "customer stock building".
"The foundries have seen improved margins during the second half with enhanced productivity and a reversal in the time lag in passing on raw material price increases. The management initiatives implemented in the machining business have started to positively impact results, particularly in the final quarter of the year, although it will still take time for these to be fully realised," the company said.
Shares in Castings were up 8.4% Wednesday at 389.00 pence each.
Castings (CGS)