15th Jun 2016 06:59
LONDON (Alliance News) - Iron castings and machining group Castings PLC on Wednesday posted higher profit and revenue for the year to the end of March and declared a special dividend.
Castings said it made a pretax profit of GBP19.7 million for the year to March 31, up from GBP17.5 million a year earlier, as revenue grew to GBP132.4 million from GBP131.3 million year-on-year.
Castings said its foundries business saw stable market conditions over the course of the year and better profitability. The group made progress in its William Lee unit and is continuing to review foundry techniques in order to further boost productivity.
The group said it will pay a final dividend of 10.33 pence, meaning its total payout will rise to 13.71p from 13.30p a year earlier. In addition, the group will pay a special dividend of 30.00p per share, having reviewed its cash position and after its cash generation proved strong during the financial year.
Castings said customer demand remains steady in the current financial year and said it was important that, no matter the outcome of the UK's referendum on its membership of the European Union, the UK government needs to return to a focus on the domestic economy and the role played by the manufacturing industry in the country.
By Sam Unsted; [email protected]; @SamUAtAlliance
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