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338.00    8.00 (2.42%)
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Spread: 19.00 (5.938%)
Market Cap: £146.95m
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Final Results

25 Jun 2008 09:00

RNS Number : 4287X
Castings PLC
25 June 2008
ย 

Castingsย plc

FINANCIAL REPORT 2008

Chairman's Statement

Turnover has increased from ยฃ86.2m to ยฃ97.4m andย profit before income tax isย up from ยฃ13.06m to ยฃ16.66mย compared to last year.

An interim dividend of 2.71 pence per share was paid in January 2008. Your board recommends a final dividend of 7.29 pence per share compared with 6.94 pence per share last year.

Foundry Companies

Both Castings Brownhills and William Lee Ltd have enjoyed high demand for their castings during the year and despite pressure on costs due to continual increases in raw materials such as steel scrap, pig iron and alloy materials, the companies have managed to improve productivity and maintain margins.

The new foundry development at our William Lee site is progressing at full speed and with good co-operation from the local planning departments it has enabled us to commence the building without any delay. It is planned to start production early in 2009.

Continual investments are made at both Castings Brownhills and William Lee to update plant and improve productivity in order to maintain our competitiveness in the market and improve working conditions.

CNC Speedwell Ltd

The turnover has increased during the year by 21.4%, and the profits improved again. The company continues to win new orders from existing customers to such an extent that we have now re-opened ourย Fradleyย Parkย site. This has led to considerable refurbishment and moving costsย being incurredย during the year. We expect, with new contracts due to start production early in 2009, to be investing in new machines during this financial year and it is hoped benefits will come through during the second half of 2009, providing the market conditions remainย favourable.

Prospects

It is extremely difficult to forecast the company's prospects for the coming year. Many external factors, such as forecasts given by customers and general order intake, have to be taken into account.

The outlook on demand at the present time is satisfactory, although we are now seeing adjustments in schedules from some customers, which are offset by increases from others. The rapid increases in steel scrap, pig iron and alloy prices since January 2008ย areย unprecedented in the market. Theseย increases at such high levels have to be recovered and there is always a delay in recovery which will no doubt affect the first half results this year. We also expect further substantial energy cost increases in October 2008.

It is impossible to say how future demand will be affectedย byย these unprecedented rises in costs; this has never occurred previously so we are moving into the unknown. It could be described as a 'crazy' situation.ย 

Whatever the outcome of the current situation,ย however,ย the company is financially strong andย is well placed to come through what may prove to be a difficult period.

Employees

Once again, on behalf of the board and the shareholders, I wish to thank all our employees for their support during this past year and it is hoped the current economic situation does not affect our employment levels and we can continue to grow and employ more people.

BRIAN J. COOKE

Chairman

25 June 2008

Castingsย plc Lichfield RoadBrownhillsWest MidlandsWS8 6JZ

Consolidated Income Statement

ย 
Year to
31 March 2008
ยฃโ€™000
ย 
Year to
31 March
2007
ยฃโ€™000
ย 
ย 
ย 
ย 
Revenue
97,372
ย 
86,230
ย 
ย 
ย 
ย 
ย 
ย 
ย 
ย 
Profit from operations
15,250
ย 
11,560
ย 
ย 
ย 
ย 
Finance income
1,414
ย 
1,497
ย 
ย 
ย 
ย 
ย 
ย 
ย 
ย 
Profit before income tax
16,664
ย 
13,057
ย 
ย 
ย 
ย 
Income tax expense
(4,668)
ย 
(3,647)
ย 
ย 
ย 
ย 
ย 
ย 
ย 
ย 
Profit for the year
11,996
ย 
9,410
ย 
ย 
ย 
ย 
Earnings per share
ย 
ย 
ย 
Basic and diluted
27.49p
ย 
21.57p
ย 
ย 
ย 
ย 
Dividend per share paid and proposed
10.00p
ย 
9.52p
ย 
ย 
ย 
ย 
Dividend per share proposed
7.29p
ย 
6.94p
ย 
ย 
ย 
ย 
ย 
ย 
ย 
ย 

ย 

ย 

ย 

Consolidated Balance Sheet

ย 
31 March
2008
ยฃโ€™000
ย 
31 March
2007
ยฃโ€™000
Assets
ย 
ย 
ย 
ย 
ย 
ย 
ย 
Non-current assets
ย 
ย 
ย 
Property, plant and equipment
38,772
ย 
35,495
Financial assets
736
ย 
823
ย 
39,508
ย 
36,318
ย 
ย 
ย 
ย 
Current assets
ย 
ย 
ย 
Inventories
7,054
ย 
6,318
Trade and other receivables
22,588
ย 
21,784
Cash and cash equivalents
31,494
ย 
25,452
ย 
61,136
ย 
53,554
ย 
ย 
ย 
ย 
Total assets
100,644
ย 
89,872
ย 
ย 
ย 
ย 
Liabilities
ย 
ย 
ย 
ย 
ย 
ย 
ย 
Current liabilities
ย 
ย 
ย 
Trade and other payables
18,589
ย 
16,212
Current tax liabilities
1,816
ย 
883
ย 
20,405
ย 
17,095
ย 
ย 
ย 
ย 
Non-current liabilities
ย 
ย 
ย 
Retirement benefit obligations
-
ย 
-
Deferred tax liabilities
2,382
ย 
2,141
ย 
2,382
ย 
2,141
Total liabilities
22,787
ย 
19,236
ย 
ย 
ย 
ย 
Net Assets
77,857
ย 
70,636
ย 
ย 
ย 
ย 
Equity attributable to equity holders of the parent company
ย 
ย 
ย 
Share capital
4,363
ย 
4,363
ย 
ย 
ย 
ย 
Share premium account
874
ย 
874
ย 
ย 
ย 
ย 
Other reserves
13
ย 
13
ย 
ย 
ย 
ย 
Retained earnings
72,607
ย 
65,386
ย 
ย 
ย 
ย 
Total equity
77,857
ย 
70,636

ย 

Consolidated Cash Flowย 

ย 
Year to
31 March
2008
ยฃโ€™000
ย 
Year to
31March
2007
ยฃโ€™000
Cash flows from operating activities
ย 
ย 
ย 
Cash generated from operations
21,440
ย 
12,582
Interest received
1,414
ย 
1,497
Tax paid
(3,462)
ย 
(2,858)
ย 
ย 
ย 
ย 
Net cash generated from operating activities
19,392
ย 
11,221
ย 
ย 
ย 
ย 
Cash flows from investing activities
ย 
ย 
ย 
Purchase of property, plant and equipment
(9,354)
ย 
(9,637)
Purchase of financial assets
-
ย 
(47)
Proceeds from disposal of property, plant and equipment
214
ย 
45
Proceeds from disposal of financial assets
-
ย 
220
ย 
ย 
ย 
ย 
Net cash used in investing activities
(9,140)
ย 
(9,419)
ย 
ย 
ย 
ย 
ย 
ย 
ย 
ย 
Cash flow from financing activities
ย 
ย 
ย 
Dividends paid to shareholders
(4,210)
ย 
(4,036)
Net cash used in financing activities
(4,210)
ย 
(4,036)
ย 
ย 
ย 
ย 
ย 
ย 
ย 
ย 
Net increase/(decrease) in cash and cash equivalents
6,042
ย 
(2,234)
Cash and cash equivalents at beginning of year (see below)
25,452
ย 
27,686
ย 
ย 
ย 
ย 
Cash and cash equivalents at end of year
(see below)
31,494
ย 
25,452
ย 
ยฃโ€™000
ย 
ยฃโ€™000
Cash and cash equivalents:
ย 
ย 
ย 
Short-term deposits
30,999
ย 
24,923
Cash available on demand
495
ย 
529
ย 
31,494
ย 
25,452

ย 

ย ย Consolidated Statement of Recognised Income and Expense

ย 

ย 
Year to
31 March
2008
ยฃโ€™000
ย 
Year to
31 March
2007
ยฃโ€™000
ย 
ย 
ย 
ย 
Profit for the year
11,996
ย 
9,410
ย 
ย 
ย 
ย 
Changes in fair value of available for sale financial assets
(87)
ย 
(143)
ย 
ย 
ย 
ย 
Actuarial losses on defined benefit pension schemes
(510)
ย 
(2,500)
ย 
ย 
ย 
ย 
Tax effect of gains and losses recognised directly in equity
32
ย 
780
ย 
ย 
ย 
ย 
Total recognised income for the year
11,431
ย 
7,547

ย 

ย 

Supplementary Statement

Reconciliation of profitย before income taxย to net cash inflow from operating activities

ย 
Year to
31 March
2008
ยฃโ€™000
ย 
ย Year to
ย 31 March
2007
ยฃโ€™000
ย 
ย 
ย 
ย 
Profit before income tax
16,664
ย 
13,057
ย 
ย 
ย 
ย 
Depreciation (net of profit on sale of property, plant and equipment)
5,863
ย 
6,663
ย 
ย 
ย 
ย 
Interest received
(1,414)
ย 
(1,497)
ย 
ย 
ย 
ย 
Excess of employer pension contributions over income statement charge
(510)
ย 
(4,413)
ย 
ย 
ย 
ย 
Increase in inventories
(736)
ย 
(1,042)
ย 
ย 
ย 
ย 
Increase in receivables
(804)
ย 
(1,335)
ย 
ย 
ย 
ย 
Increase in payables
2,377
ย 
1,149
ย 
ย 
ย 
ย 
Net cash inflow from operating activities
21,440
ย 
12,582

ย 

Castings plc

Notes to the financial report

Basis of preparation

The financialย informationย hasย been prepared under International Financial Reporting Standards (IFRS)ย asย adopted byย the EUย using the same accounting policies that were usedย in the group financial statements for the year endedย 31ย March 2007.

DividendsThe Board are proposing a final dividend amounting toย 7.29ย pence per share (2007:6.94p). An interim dividend of 2.71p per share (2007:2.58p) has already been paid, making the total dividend for the yearย 10.0pย per share (2007:9.52p). The Annual General Meeting will be held onย Tuesday 19ย August 2008ย and if the proposed final dividend is approved by the membersย the dividendย will be paid onย 22ย August 2008ย to shareholders registered onย 25ย July 2008.

Theย basic and dilutedย earnings per shareย is calculated on the profit on ordinary activities after taxation of ยฃ11,996,000 (2007: ยฃ3,028,000) andย on the weighted average number of shares in issue of 43,632,068 in 2008ย and in 2007.ย 

The company operates two defined benefit pension schemes. The fundingย status of these schemes atย 31 March 2008ย was a surplus of ยฃ2,748,000 (2007:ย ยฃ4,348,000). In accordance withย IAS 19 paragraph 58b the asset has not beenย disclosed in this financial information.

The financial information set out above does not constitute the company's statutory accountsย for the years endedย 31 March 2008ย or 2007, but is derived from those accounts. Statutory accounts for 2007 have been delivered to the Registrar of Companies and those for 2008 will be delivered following the company's annual general meeting. The auditors have reported on those accounts; their reports were unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and did not contain statements under the Companies Act 1985, s 237(2) or (3).

This information is provided by RNS
The company news service from the London Stock Exchange
ย 
END
ย 
ย 
FR ZZLFLVQBXBBE
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