- Castings reported a rise in half-yearly profit even as softer customer demand in the second quarter of the year kept sales growth in check.

For the six months ended 30 September 2019, pre-tax profit rose to £7.34m from £5.77m on-year as sales increased to £73.1m from £68.3m

Revenue was boosted by efforts to increase the sales of higher-priced machined parts.

Overall the output during the period was up 5.4% at 25,200 tonnes and external sales revenue increased by 7.9% to £70.1m.

'The revenue figure is enhanced by the continued shift to more machined parts which results in higher average selling prices,' the company said.

An interim dividend of 3.48p per share was proposed, up from 3.38p a share.

'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,' Castings said on its outlook.

At 9:35am: [LON:CGS] Castings PLC share price was +12p at 389p

Story provided by