Castings Regulatory News (CGS)

20 May 2005 09:00

Castings PLC20 May 2005 CASTINGS PLCRESULTS FOR YEAR ENDED 31 MARCH 2005 SUMMARISED GROUP PROFIT AND LOSS ACCOUNT YEAR ENDED YEAR ENDED 2005 2004 £000 £000TURNOVER 69,037 61,176 -------- -------- OPERATING PROFIT 8,932 7,676EXCEPTIONAL ITEMS-PENSION COSTS (500) (366) -SALE OF PROPERTY 134OTHER INCOME 1,066 1,017 ------- -------PROFIT BEFORE TAXATION 9,632 8,693TAXATION ON PROFITS (2,840) (2,614) --------- ---------PROFIT ATTRIBUTABLE TO SHAREHOLDERS 6,792 6,079 ------- ------- INTERIM DIVIDEND ALREADY PAID 2.44PENCE 2.38PENCE-PENCE PER SHARERATE OF FINAL DIVIDEND PROPOSED (PENCE) 6.35PENCE 6.05PENCEAMOUNT ABSORBED BY DIVIDENDS(£000) £3,835 £3,678EARNINGS PER SHARE -BASIC 15.57PENCE 13.93PENCE -ADJUSTED 16.41PENCE 13.93PENCE(EXCLUDING EXCEPTIONAL ITEMS) -DILUTED 15.57PENCE 13.93PENCE THE EARNINGS PER SHARE ARE BASED ON THE WEIGHTED AVERAGE NUMBER OF SHARES INISSUE OF 43,632,068 IN 2005 AND IN 2004.DILUTED EARNINGS PER SHARE ARE BASED ON43,632,068 SHARES BEING THE WEIGHTED AVERAGE NUMBER OF SHARES IN ISSUE AFTERADJUSTMENT FOR THE EFFECT OF DILUTIVE SHARE OPTIONS (2004:43,632,068). SUMMARISED GROUP BALANCE SHEET 31 MARCH 2005 31 MARCH 2004 £000 £000TANGIBLE ASSETS 33,163 31,043INVESTMENTS 630 704CURRENT ASSETSSTOCKS 5,459 4,527DEBTORS 16,781 13,697CASH AT BANK 25,074 25,393 ______ ______ 47,314 43,617CREDITORS - UNDER ONE YEAR (17,096) (14,855) ______ ______NET CURRENT ASSETS 30,218 28,762PROVISIONS FOR LIABILITIES/CHARGES (1,919) (1,374) ______ ______ 62,092 59,135 -------- -------- CAPITAL AND RESERVESCALLED UP SHARE CAPITAL 4,363 4,363SHARE PREMIUM 874 874RESERVES 56,855 53,898 ______ ______ 62,092 59,135 -------- -------- SUMMARISED CASH FLOW STATEMENT 31 MARCH 2005 31 MARCH 2004 £000 £000NET CASH INFLOW FROM OPERATINGACTIVITIES:OPERATING PROFIT NET OF EXCEPTIONAL ITEMS 8,566 7,676NON-CASH ITEM--DEPRECIATION 4,617 4,472CHANGES IN WORKING CAPITAL (2,083) (3,935) ______ ______ 11,100 8,213RETURNS ON INVESTMENTS AND SERVICINGOF FINANCE:INTEREST RECEIVED 1,066 1,017TAXATION (2,120) (2,311)CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT:PURCHASE OF TANGIBLE FIXED ASSETS (7,496) (3,481)INVESTMENTS SOLD 74 -SALE OF TANGIBLE FIXED ASSETS 761 33EQUITY DIVIDENDS PAID (3,704) (3,600) _______ _______CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES (319) (129)AND FINANCINGMANAGEMENT OF LIQUID RESOURCES:INCREASE IN SHORT-TERM DEPOSITS (161) 942FINANCING:CHANGE IN ORDINARY SHARE CAPITAL - - ____ ____DECREASE IN CASH (480) 813 ------- ----- RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NETFUNDSDECREASE IN CASH IN THE PERIOD (480) 813INCREASE IN LIQUID RESOURCES 87 (942) _______ ______CHANGE IN NET FUNDS FROM CASH FLOWS (393) (129)OPENING NET FUNDS 26,097 26,226 ______ ______CLOSING NET FUNDS 25,704 26,097 -------- -------- THE RESULTS FOR THE YEAR TO 31 MARCH 2005 HAVE BEEN EXTRACTED FROM THE FINANCIALSTATEMENTS FOR THE YEAR WHICH HAS BEEN AUDITED AND WILL BE FILED WITH THEREGISTRAR OF COMPANIES.THE RESULTS FOR THE YEAR TO 31 MARCH 2004 ARE AN ABRIDGEDVERSION OF THE COMPANY'S FULL ACCOUNTS FOR THAT YEAR WHICH RECEIVED ANUNQUALIFIED REPORT BY THE AUDITORS AND HAVE BEEN FILED WITH THE REGISTRAR OFCOMPANIES. IT IS PLEASING TO REPORT THAT OPERATING PROFITS HAVE RECOVERED FROM LAST YEAR. RAW MATERIAL PRICES STABILISED AFTER DECEMBER AND WE ARE NOW RECOVERING SOME OFTHE COST INCREASES. I AM PLEASED TO REPORT THAT RAW MATERIAL PRICES ARE NOWFALLING TO MORE REASONABLE LEVELS. HOWEVER, THIS IS USUALLY INDICATIVE OF AREDUCTION IN CUSTOMER ORDERS AND SCHEDULES, AND OVERALL WORLDWIDE DEMAND. CASTINGS BROWNHILLS HAVE CONTINUED TO OPERATE ON A SOUND AND PROFITABLE BASIS.CNC SPEEDWELL HAS ENJOYED A YEAR OF INCREASED TURNOVER AND PROFITS, WHILEWILLIAM LEE HAS RETURNED TO SATISFACTORY PROFITS FOLLOWING A PERIOD OFCOMPLETING FIXED PRICE CONTRACTS WITH NO RECOVERY OF RAW MATERIAL PRICES DURINGMUCH OF THE YEAR. TOO MUCH IS WRITTEN ABOUT BRITISH MANUFACTURING TO THE DETRIMENT OF THOSE THATARE SUCCESSFUL, AND IT IS HOPED THAT ONCE THE RECENT HIGH PROFILE CLOSURES INTHIS SECTOR ARE OUT OF THE WAY WE CAN ALL MOVE FORWARD AND SHOWTHE WORLD WE MANUFACTURE AND DELIVER ON TIME GOOD QUALITY PRODUCTS ATCOMPETITIVE WORLD PRICES. THE ANNUAL GENERAL MEETING WILL BE HELD ON TUESDAY 16 AUGUST 2005 AND IF THEPROPOSED FINAL DIVIDEND IS APPROVED BY THE MEMBERS,THE DIVIDEND WILL BE PAID ONFRIDAY 19 AUGUST 2005.THE RECORD DATE WILL BE 22 JULY 2005. B J COOKE. CHAIRMAN.CASTINGS PLC. LICHFIELD ROAD. BROWNHILLS. WEST MIDLANDS. WS8 6JZ This information is provided by RNS The company news service from the London Stock Exchange