10th Oct 2023 11:16
(Alliance News) - Castings PLC shares rose on Tuesday, after it said it plans to capitalise on "strong" demand for heavy trucks.
Shares in Castings rose 6.0% to 345.64 pence each in London on Tuesday morning.
In a trading update on the six months ended September 30, the Brownhills, England-based iron casting and machining firm said that underlying demand for heavy trucks remains "strong." It noted that this contributes to around 75% of company revenue.
"The high level of demand, both current and forecast, is in excess of our current foundry production capacity and initiatives are in place to capitalise on this in both the short and long term," it added.
Further, Castings said that input prices appear to have stabilised in the current year and in some areas it is seeing slight reductions.
Looking ahead, Castings said it remains confident that it will continue to trade in line with market expectations.
Castings plans to announce its half year results on November 10.
By Sophie Rose, Alliance News reporter
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