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12 Feb 2009 09:00
Castings plc
Interim Management Statement
Castings plc publishes its second interim management statement covering the period 1 October 2008 to 31 January 2009.
Since the interim statement in November customer demands have been at a very low level especially over the Christmas period and January. We are now operating at about 40% of our previous production levels and at the present time we see no prospects of improvement.
We have regrettably had to reduce our workforce by some 350 people and this process will have to continue further unless there is an improvement in trading conditions.
We believe, with our careful cash management and limited capital expenditure, we will be able to sustain operations at these reduced levels. Whilst we currently anticipate that the outturn for the year to 31 March 2009 will be broadly in line with market expectations, current sales levels and indications of future requirements from our customers suggest that the year to 31 March 2010 will be very difficult.
The new foundry at William Lee is now complete and will be mothballed. It is a fine, modern foundry and will stand us in good stead as and when the markets recover.
There are no other material developments to report.
B.J.Cooke, Chairman
Castings plc, Lichfield Road, Brownhills, West Midlands WS8 6JZ
12 February 2009
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