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Half-year Report

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RNS Number : 7076S
Castings PLC
08 November 2019
 

CASTINGS PLC

INTERIM MANAGEMENT REPORT

Six months ended 30 September 2019

 

Sales for the six months ended 30 September 2019 were £73.1 million (2018 - £68.3 million) with profit before tax of £7.34 million (2018 - £5.77 million).

Foundry operations

As previously reported, customer demand was strong during the first three months of the period followed by some softening in the second quarter. Overall the output during the period was up 5.4% at 25,200 tonnes (2018 - 23,900 tonnes) and external sales revenue increased by 7.9% to £70.1 million. The revenue figure is enhanced by the continued shift to more machined parts which results in higher average selling prices.

The profit from the foundry segment of £7.1 million represents an increase of 9.5% from the equivalent period last year ("previous period"). Whilst there has been some margin improvement compared to the previous period, further productivity gains are set to be realised during the second half of the financial year and into 2020/21.

Investment of £3.1 million has been made during the period to support automation and other productivity initiatives within the foundry businesses.

Machining operation

CNC Speedwell generated external revenue of £3.0 million during the period, a decrease of 8.1% compared to the previous period, with a reported profit of £0.1 million compared to a loss of £0.8 million in the previous period. The reduction in external revenue is to be expected as the emphasis continues to be on the group's core customer base.

The focus on engineering and productivity improvements in the machining business are now starting to be realised and have resulted in a return to profit in the period. It will continue to take time before all of the necessary processes have been reviewed and production efficiencies fully reflected in the operating performance. Where gains have been made this has increased the capacity available for future production without the need for further investment.

The capital investment during the period has again reduced from £1.3 million in the previous period to £0.6 million. The investment made has been to support automation and other productivity initiatives.

Outlook

The commercial vehicle sector has reported a decline in order intake in Europe. Accordingly, we have seen a reduction in schedules from this element of our customer base, which represents 70% of group revenue.

The focus in the foundry businesses continues to be on productivity improvements within the production processes and the completion of the automation of finishing processes. We expect to see the benefit of this during the remainder of the current financial year and into 2020/21.

The programme of automation investment commenced in the machining business following the successful development of a pilot cell during the period. This will enable the business to achieve additional productivity gains over a number of years.

Dividend

An interim dividend of 3.48 pence per share has been declared and will be paid on 2 January 2020 to shareholders who are on the register at 22 November 2019.

Principal risks and uncertainties

There are a number of potential risks and uncertainties which could have a material impact on the group's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results.

The directors consider that the principal risks and uncertainties remain substantially the same as those stated on pages 7 and 8 of the Annual Report for the year ended 31 March 2019.

The general election and uncertainty surrounding our future relationship with Europe continues to cause concern over the near-term outlook and prospects for the UK economy. It is still too early to quantify or determine with certainty the impact on the group. The board will continue to monitor developments, consider the impact on the group's businesses and take appropriate action to help mitigate any risks associated with the UK leaving the EU.

Cautionary statement

This Interim Management Report ('IMR') has been prepared solely to provide additional information to shareholders to enable them to assess the group's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose. This IMR contains certain forward-looking statements. These are made by the directors in good faith based on the information available to them up to the time of their approval of this report but such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

The group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

The IMR has been prepared for the group as a whole and therefore gives greater emphasis to those matters which are significant to Castings P.L.C. and its subsidiary undertakings when viewed as a whole.

By order of the board

BRIAN J. COOKE
Chairman             

8 November 2019

Castings p.l.c.

Lichfield Road

Brownhills

West Midlands
WS8 6JZ

               

Consolidated Statement of Comprehensive Income

For six months ended 30 September 2019


Unaudited

Half year to

30 September

2019

£'000

Unaudited

Half year to

30 September

2018

£'000

Audited

Year to

31 March

2019

£'000

Revenue

73,135

68,284

150,236

Cost of sales

(57,349)

(54,710)

(118,129)

Gross profit

15,786

13,574

32,107

Distribution costs

(1,444)

(1,429)

(2,794)

Excluding exceptional items

(7,109)

(6,444)

(14,116)

Exceptional items

-

-

(1,275)

Total administrative expenses

(7,109)

(6,444)

(15,391)

Profit from operations

7,233

5,701

13,922

Finance income

111

70

128

Profit before income tax

7,344

5,771

14,050

Income tax expense

(1,393)

(1,094)

(3,040)

Profit for the period attributable to the equity holders of the parent company

5,951

4,677

11,010

Other comprehensive income/(expense) for the period:




Items that will not be reclassified to profit and loss:




Movement in unrecognised surplus on defined benefit pension schemes net of actuarial gains and losses

-

-

237

Defined benefit pension schemes GMP equalisation charge

-

-

1,290


-

-

1,527

Items that may be reclassified subsequently to profit and loss:




Change in fair value of available for sale financial assets

30

32

44

Tax effect of items that may be reclassified

(5)

(5)

(7)


25

27

37

Total other comprehensive income/(losses) for the period (net of tax)

25

27

1,564

Total comprehensive income for the period attributable to the equity holders of the parent company

5,976

4,704

12,574

Earnings per share attributable to the equity holders of the parent company




Basic and diluted

13.64p

10.72p

25.23p

 

Consolidated Balance Sheet

30 September 2019


Unaudited

30 September

2019

£'000

Unaudited

30 September

2018

£'000

Audited

31 March

2019

£'000

ASSETS




Non-current assets




Property, plant and equipment

70,999

75,253

71,438

Financial assets

410

369

380

Other receivables

-

1,135

-


71,409

76,757

71,818

Current assets




Inventories

19,077

18,503

19,164

Trade and other receivables

36,954

40,670

41,121

Current tax asset

524

-

-

Other current interest-bearing deposits

-

4,900

5,000

Cash and cash equivalents

25,835

14,692

25,771


82,390

78,765

91,056

Assets classed as held for resale

1,060

-

1,060


83,450

78,765

92,116

Total assets

154,859

155,522

163,934

LIABILITIES




Current liabilities




Trade and other payables

22,453

22,787

24,222

Current tax liabilities

-

1,075

1,842


22,453

23,862

26,064

Non-current liabilities




Deferred tax liabilities

3,560

3,666

3,481

Total liabilities

26,013

27,528

29,545

Net assets

128,846

127,994

134,389

Equity attributable to equity holders of the parent company




Share capital

4,363

4,363

4,363

Share premium account

874

874

874

Other reserve

13

13

13

Retained earnings

123,596

122,744

129,139

Total equity

128,846

127,994

134,389

 

Consolidated Cash Flow Statement

For six months ended 30 September 2019


Unaudited

Half year to

30 September

2019

£'000

Unaudited

Half year to

30 September

2018

£'000

Audited

Year to

31 March

2019

£'000

Cash flows from operating activities




Profit before income tax

7,344

5,771

14,050

Adjustments for:




Depreciation

4,163

3,870

8,296

Profit on disposal of property, plant and equipment

-

-

(160)

Finance income

(111)

(70)

(128)

Pension administrative costs

-

-

237

Pension GMP equalisation charge

-

-

1,290

Decrease/(increase) in inventories

87

(2,219)

(2,880)

Decrease/(increase) in receivables

5,185

(1,841)

(4,449)

(Decrease)/increase in payables

(1,769)

545

1,980

Cash generated from operating activities

14,899

6,056

18,236

Tax paid

(3,685)

(1,341)

(2,707)

Interest received

101

57

108

Net cash generated from operating activities

11,315

4,772

15,637

Cash flows from investing activities




Dividends received from listed investments

10

13

20

Purchase of property, plant and equipment

(3,724)

(3,187)

(4,858)

Proceeds from disposal of property, plant and equipment

-

-

160

Transfer from/(to) other current interest-bearing deposits

5,000

-

(100)

Repayments from pension schemes

-

-

4,455

Advances to pension schemes

(1,018)

(1,228)

(2,390)

Net cash used in investing activities

268

(4,402)

(2,713)

Cash flow from financing activities




Dividends paid to shareholders

(11,519)

(4,852)

(6,327)

Net cash used in financing activities

(11,519)

(4,852)

(6,327)

Net increase/(decrease) in cash and cash equivalents

64

(4,482)

6,597

Cash and cash equivalents at beginning of period

25,771

19,174

19,174

Cash and cash equivalents at end of period

25,835

14,692

25,771

Cash and cash equivalents:




Short-term deposits

23,362

11,931

19,828

Cash available on demand

2,473

2,761

5,943


25,835

14,692

25,771

 

Consolidated Statement of Changes in Equity


Equity attributable to equity holders of the parent

Unaudited

Share

capital

£'000

Share

premium

£'000

Other reserve

£'000

Retained

earnings

£'000

Total

equity

£'000

At 1 April 2019

4,363

874

13

129,139

134,389

Profit for the period

-

-

-

5,951

5,951

Other comprehensive income/(losses):






Change in fair value of available for sale assets

-

-

-

30

30

Tax effect of items taken directly to reserves

-

-

-

(5)

(5)

Total comprehensive income for the period ended 30 September 2019

-

-

-

5,976

5,976

Dividends

-

-

-

(11,519)

(11,519)

At 30 September 2019

4,363

874

13

123,596

128,846

 

Unaudited

£'000

£'000

£'000

£'000

£'000

At 1 April 2018

4,363

874

13

122,892

128,142

Profit for the period

-

-

-

4,677

4,677

Other comprehensive income/(losses):






Change in fair value of available for sale assets

-

-

-

32

32

Tax effect of items taken directly to reserves

-

-

-

(5)

(5)

Total comprehensive income for the period ended 30 September 2018

-

-

-

4,704

4,704

Dividends

-

-

-

(4,852)

(4,852)

At 30 September 2018

4,363

874

13

122,744

127,994

 

Audited

£'000

£'000

£'000

£'000

£'000

At 1 April 2018

4,363

874

13

122,892

128,142

Profit for the year

-

-

-

11,010

11,010

Other comprehensive income/(losses):






Movement in unrecognised surplus on defined benefit pension schemes net of actuarial loss

-

-

-

237

237

Defined benefit pension schemes GMP equalisation charge

-

-

-

1,290

1,290

Change in fair value of available for sale assets

-

-

-

44

44

Tax effect of items taken directly to reserves

-

-

-

(7)

(7)

Total comprehensive income for the year ended 31 March 2019

-

-

-

12,574

12,574

Dividends

-

-

-

(6,327)

(6,327)

At 31 March 2019

4,363

874

13

129,139

134,389

 

Notes

1. General information

Castings P.L.C. (the 'company') is a company domiciled in England. The condensed consolidated interim financial statements of the company for the six months ended 30 September 2019 comprise the company and its subsidiaries (together referred to as the 'group').

The principal activities of the group are the manufacture of iron castings and machining operations.

The financial information for the year ended 31 March 2019 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for the year ended 31 March 2019 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2019 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498 (2) or (3) of the Companies Act 2006.

This report has not been audited and has not been reviewed by independent auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

 

2. Accounting policies

The annual financial statements of Castings P.L.C. are prepared using the recognition and measurement principles of IFRSs as endorsed by the European Union. The condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union.

Basis of preparation

After making enquiries, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly condensed consolidated interim financial statements.

The same accounting policies, presentation and methods of computation are followed in the condensed consolidated interim financial statements as applied in the group's latest annual audited financial statements.

New standards effective and adopted by the group in the period

The following new standards and IFRIC interpretations have been issued and are effective for the first time for the group's financial year beginning on 1 April 2019 and therefore have been applied by the group in these condensed consolidated interim financial statements:

•     IFRS 16 Leases

•     IFRIC 23 Uncertainty over Income Tax Treatments

The adoption of these new or amended standards did not have a material impact on the group's financial position or results from operations in the half-year ended 30 September 2019.

 

3. Seasonality of operations

The directors do not consider there to be any significant seasonality or cyclicality to the results of the group.

 

4. Segment information

For internal decision making purposes, the group is organised into three operating companies which are considered to represent two operating segments of the group. Castings P.L.C. and William Lee Limited are aggregated into Foundry Operations and CNC Speedwell Limited is the Machining Operation.

Inter-segment transactions are entered into under the normal commercial terms and conditions that would be available to third parties.

The following shows the revenues, results and total assets by reportable segment for the half year to 30 September 2019.


Foundry operations

£'000

Machining

£'000

Elimination

£'000

Total

£'000

Revenue from external customers

70,106

3,029

-

73,135

Inter-segmental revenue

9,609

10,325

-

19,934

Segmental result

7,094

139

-

7,233

Unallocated income:

Finance income








111

Profit before income tax




7,344

Total assets

137,691

31,430

(14,262)

154,859

Non-current asset additions

3,077

647

-

3,724

Depreciation

2,048

2,115

-

4,163

Total liabilities

(25,890)

(7,776)

7,653

(26,013)

 

The following shows the revenues, results and total assets by reportable segment for the half year to 30 September 2018.


Foundry operations

£'000

 

Machining

£'000

 

Elimination

£'000

 

Total

£'000

Revenue from external customers

64,988

3,296

-

68,284

Inter-segmental revenue

9,433

9,646

-

19,079

Segmental result

6,476

(775)

-

5,701

Unallocated income:

Finance income








70

Profit before income tax




5,771

Total assets

138,487

35,261

(18,226)

155,522

Non-current asset additions

2,336

1,339

-

3,675

Depreciation

1,972

1,898

-

3,870

Total liabilities

(28,132)

(11,359)

11,963

(27,528)

 

The following shows the revenues, results and total assets by reportable segment for the year ended 31 March 2019.


Foundry operations

£'000

Machining

£'000

Elimination

£'000

Total

£'000

Revenue from external customers

143,060

7,176

-

150,236

Inter-segmental revenue

21,499

20,605

-

42,104

Segmental result

16,832

(1,342)

(56)

15,434

Unallocated income/(costs):





Exceptional credit for recovery of Icelandic bank deposits previously written off




15

Defined benefit pension costs




(237)

Defined benefit pension GMP equalisation charge




(1,290)

Finance income




128

Profit before income tax




14,050

Total assets

145,747

33,393

(15,206)

163,934

Non-current asset additions

3,496

1,850

-

5,346

Depreciation

4,183

4,113

-

8,296

Total liabilities

(29,632)

(9,879)

9,966

(29,545)

 

5. Dividends

Amounts recognised as distributions to shareholders in the period:


Half year to

30 September

2019

£'000

Half year to

30 September

2018

£'000

Final dividend of 11.40p per share for the year ended 31 March 2019

(2018 - 11.12p per share)

4,974

4,852

Supplementary dividend of 15.00p per share for the year ended 31 March 2019 (2018 - nil)

6,545

-


11,519

4,852

 

The directors have declared an interim dividend in respect of the financial year ending 31 March 2020 of 3.48p per share (2019 - 3.38p), which will be paid on 2 January 2020.

 

6. Earnings per share and diluted earnings per share

Earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. There are no share options or other potentially issuable shares; hence the diluted earnings per share is the same calculation.


Unaudited

Half year to

30 September

2019

Unaudited

Half year to

30 September

2018

Audited

 Year to

 31 March

2019

Profit after tax (£'000)

5,951

4,677

11,010

Weighted average number of shares

43,632,068

43,632,068

43,632,068

Earnings per share - basic and diluted

13.64p

10.72p

25.23p

 

7. Pension schemes

The group operates two defined benefit pension schemes which are closed to new entrants and closed to future accruals on 6 April 2009. The assets of the schemes are independent of the finances of the group and are administered by trustees.

The pension schemes are related parties of the group and during the period £1,018,000 (2018 - £1,228,000) was paid by the group on behalf of the schemes in respect of pension payments and administration costs. At 30 September 2019, the outstanding balance of £4,543,000 (2018 - £6,818,000) is repayable within one year. In the prior year, £1,135,000 of the balance was classified as a non-current other receivable being repayable on 30 November 2019.

Payments made by the company on behalf of the schemes in the current period are repayable on 30 November 2020.

 

8. Interim report

Copies of this interim management report will be available on the company's website, www.castings.plc.uk, and from the registered office.

 

Statement of Directors' Responsibilities

The directors confirm that the condensed consolidated interim financial statements have been prepared in accordance with IAS 34 as adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R.

By order of the board

S. J. Mant FCA
Group Finance Director
8 November 2019

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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