Castings sees recent sales fall below expectations

Industrial engineering group Castings sent its share price into the red on Tuesday after admitting its recent sales have been below its expectations and that it was experiencing operational issues due to the change of work mix.The update comes after the group said in June that its customers' requirements had "slightly reduced" from the high levels seen the prior year. It said sales since then and up to the end of July had been below its expectations. The management team reassured investors that it was addressing the issues and it hopes "the situation will improve during the remainder of the financial year", helped by an increasing order book. Shares had lost 10.66% of their value, dropping to 450.25p.NR