Castings Plc (CGS.L), an iron casting and machining company, on Wednesday reported an increase in profit before tax for the full year, reflecting strong underlying demand from its commercial vehicle customers in the first half. Commercial vehicle segment makes up nearly 80 percent of the group revenue.
For the 12-month period to March 31, the company posted a pre-tax income of 21.286 million pounds, higher than last year's 16.713 million pounds.
Net profit was at 16.721 million pounds or 38.32 pence per share as against 13.790 million pounds or 31.58 pence per share a year ago. Profit from operations improved to 19.759 million pounds from 16.369 million pounds in 2023.
Revenue was 224.414 million pounds, up from last year's 200.990 million pounds.
The Group will pay a final dividend of 14.19 pence per share on August 23 to shareholders on the register as of July 19. This, together with the interim dividend, gives a total dividend for the year of 18.32 pence per share, an increase of 5.6 percent from the prior year.
In addition to the final dividend, the company has declared a supplementary dividend of 7 pence per share to be paid on July 24 to shareholders on the register on June 21.
Looking ahead, Castings Plc, said: "Our heavy truck customers are suggesting that the current lower levels of demand are likely to continue in the short-term with the potential for a slight increase in the autumn. We will continue to develop opportunities with existing customers in areas such as the electrification of lighter trucks and build relationships in other markets such as wind energy, agriculture and in the US."
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