AGM Statement
Castings plc's interim management statement, released on August 21, 2025, anticipates full-year results (to March 31, 2026) to be in line with market expectations. Commercial vehicle customer demand, representing 75% of group revenue, remains 10-15% below normalized levels, although the company expects improvement in the autumn. The Scunthorpe ductile castings business is benefiting from market consolidation, and a new production line in Dronfield is complete, with commissioning starting in September. The company's gross foundry capacity is 70,000 tonnes per annum.
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Castings PLC ("Castings" or "the company"), the leading iron casting and machining group primarily focused on the European heavy truck market, announces a trading update ahead of the AGM being held today at 3.30pm at Castings PLC, Lichfield Road, Brownhills, West Midlands, WS8 6JZ.
With a continued focus on productivity and cost control, management anticipate the result for the full year to 31 March 2026 to be in line with market expectations.
We previously reported in June that demand from our commercial vehicle customers (75% of group revenue) was expected to remain at lower levels with the potential for improvements in the autumn. Demand has indeed remained at lower levels, with OEM's suggesting the European heavy-truck demand is 10% to 15% below the normalised trend level. The group remains well positioned for volume increases when they start to come through.
Our Ductile Castings business in Scunthorpe is starting to benefit from some consolidation in the UK larger casting market.
The installation of the new foundry production line at our Dronfield site is now complete and commissioning is due to commence in September.
A N Jones, Chairman
Castings plc, Lichfield Road, Brownhills, West Midlands, WS8 6JZ
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.