14 Aug 2018 07:00
Castings plc
Interim Management Statement and AGM
Castings plc will be holding its Annual General Meeting this afternoon at The Fairlawns Hotel and Spa and at the meeting the Chairman, Brian Cooke, will make the following statement.
Demand from our main customers' remains strong which represents a continuation of the outlook reported in the Chairman's statement in June.
The new management team continue to progress the turnaround project at CNC Speedwell. Whilst we still expect the trading results of the machining business to improve during the second half, the level of reorganisation is such that we do not foresee it returning to profitability during this financial year. As part of the reorganisation, we are closing the Fradley site and consolidating the machining business to operate from the newly built facility at Brownhills.
Our investment remains focused on production techniques and technologies to improve our productivity and profitability.
B.J.Cooke, Chairman
Castings plc, Lichfield Road, Brownhills, West Midlands WS8 6JZ
14th August 2018
Castings (CGS)