Final Results

Castings PLC
23 May 2003


CASTINGS PLC

RESULTS FOR YEAR ENDED 31 MARCH 2003

SUMMARISED GROUP PROFIT AND LOSS ACCOUNT

                                                                            YEAR ENDED               YEAR ENDED

                                                                                  2003                     2002

                                                                                  £000                     £000

TURNOVER                                                                        59,895                   56,120
OPERATING PROFIT                                                                 8,614                    8,223

EXCEPTIONAL ITEM - PENSION COSTS                                               (4,052)                        -

OTHER INCOME                                                                     1,132                    1,671

PROFIT BEFORE TAXATION                                                           5,694                    9,894

TAXATION ON PROFITS                                                            (1,549)                  (2,903)

PROFIT ATTRIBUTABLE TO SHAREHOLDERS                                              4,145                    6,991

INTERIM DIVIDEND ALREADY PAID                                                2.32PENCE                2.26PENCE

-PENCE PER SHARE

RATE OF FINAL DIVIDEND PROPOSED (PENCE)                                      5.87PENCE                5.59PENCE

AMOUNT ABSORBED BY DIVIDENDS(£000)                                              £3,573                   £3,423

EARNINGS PER SHARE -BASIC                                                    9.50PENCE               16.05PENCE

-ADJUSTED                                                                   16.00PENCE               16.05PENCE

-DILUTED                                                                     9.50PENCE               16.04PENCE


THE EARNINGS PER SHARE ARE BASED ON THE WEIGHTED AVERAGE NUMBER OF SHARES IN
ISSUE OF 43,622,068 IN 2003 AND 43,547,068 IN 2002.DILUTED EARNINGS PER SHARE
ARE BASED ON 43,622,068 SHARES BEING THE WEIGHTED AVERAGE NUMBER OF SHARES IN
ISSUE AFTER ADJUSTMENT FOR THE EFFECT OF DILUTIVE SHARE OPTIONS (2002:
43,597,068).


SUMMARISED GROUP BALANCE SHEET

                                                                          31 MARCH 2003           31 MARCH 2002

                                                                                   £000                    £000

TANGIBLE ASSETS                                                                  32,067                  28,410

INVESTMENTS                                                                         704                     704

CURRENT ASSETS

STOCKS                                                                            4,284                   3,509

DEBTORS                                                                          12,863                  12,597

CASH AT BANK                                                                     25,522                  27,367
                                                                                 ______                  ______
                                                                                 42,669                  43,473
CREDITORS - UNDER ONE YEAR                                                     (17,740)                (14,596)
                                                                                 ______                  ______

NET CURRENT ASSETS                                                               24,929                  28,877

PROVISIONS FOR LIABILITIES/CHARGES                                                (966)                 (1,876)
                                                                                 ______                  ______

                                                                                 56,734                  56,115
                                                                                 ______                  ______


CAPITAL AND RESERVES

CALLED UP SHARE CAPITAL                                                           4,363                   4,358

SHARE PREMIUM                                                                       874                     832

RESERVES                                                                         51,497                  50,925
                                                                                 ______                  ______

                                                                                 56,734                  56,115
                                                                                 ______                  ______




SUMMARISED CASH FLOW STATEMENT                                             31 MARCH 2003          31 MARCH 2002

                                                                                    £000                   £000

NET CASH INFLOW FROM OPERATING ACTIVITIES                                         10,750                 11,325

RETURNS ON INVESTMENTS AND SERVICING OF FINANCE:

INTEREST RECEIVED                                                                  1,132                  1,671

TAXATION                                                                         (2,572)                (3,264)

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT:

PURCHASE OF TANGIBLE FIXED ASSETS                                                (7,673)               (12,450)

INVESTMENTS MADE                                                                       -                      -

SALE OF TANGIBLE FIXED ASSETS                                                         26                      7

EQUITY DIVIDENDS PAID                                                            (3,451)                (3,301)
                                                                                 _______                _______

CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES                                      (1,788)                (6,012)

AND FINANCING

MANAGEMENT OF LIQUID RESOURCES:

DECREASE IN SHORT-TERM DEPOSITS                                                    1,642                  5,964

FINANCING:

CHANGE IN ORDINARY SHARE CAPITAL                                                      47                   (13)
                                                                                    ____                   ____

DECREASE IN CASH                                                                    (99)                   (61)



RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

DECREASE IN CASH IN THE PERIOD                                                      (99)                   (61)

DECREASE IN LIQUID RESOURCES                                                     (1,642)                (5,964)
                                                                                 _______                 ______

CHANGE IN NET FUNDS FROM CASH FLOWS                                              (1,741)                (6,025)

OPENING NET FUNDS                                                                 27,967                 33,992
                                                                                  ______                 ______

CLOSING NET FUNDS                                                                 26,226                 27,967




THE RESULTS FOR THE YEAR TO 31 MARCH 2003 HAVE BEEN EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR THE YEAR WHICH HAS BEEN AUDITED AND WILL BE FILED WITH THE
REGISTRAR OF COMPANIES.THE RESULTS FOR THE YEAR TO 31 MARCH 2002 ARE AN ABRIDGED
VERSION OF THE COMPANY'S FULL ACCOUNTS FOR THAT YEAR WHICH RECEIVED AN
UNQUALIFIED REPORT BY THE AUDITORS AND HAVE BEEN FILED WITH THE REGISTRAR OF
COMPANIES.

PROFITS BEFORE THE EXCEPTIONAL ITEM ARE BROADLY IN LINE WITH LAST YEAR AND WE
CONSIDER THEY ARE SATISFACTORY AGAINST A BACKGROUND OF INCREASED DEPRECIATION
CHARGES ARISING FROM SIGNIFICANT CAPITAL EXPENDITURE,REDUCED INVESTMENT INCOME
AND AT A TIME OF A VERY DIFFICULT ECONOMIC ENVIRONMENT.

THE BOARD CONSIDER THE PENSION FUND DEFICIT ARISING FROM THE LATEST ACTUARIAL
VALUATION SHOULD BE FUNDED AS A LUMP SUM AND IS SHOWN AS AN EXCEPTIONAL ITEM
AGAINST THIS YEAR'S PROFIT.THIS WILL HELP FUTURE COMPETITIVENESS WITHOUT
INCREASING ONGOING COSTS.

EXPORTS HAVE AGAIN INCREASED TO A RECORD LEVEL OF 51% OF OUR TOTAL SALES.

PRESENT TRADING IS BELOW LAST YEAR'S LEVELS PERHAPS DUE TO THE MANY
UNCERTAINTIES IN EUROPE AND THE REST OF THE WORLD.IT IS HOPED LONG TERM THE
WEAKER POUND AGAINST THE EURO WILL HELP OUR EXPORT EFFORTS DESPITE INCREASED RAW
MATERIAL PRICES.

THE ANNUAL GENERAL MEETING WILL BE HELD ON TUESDAY 12 AUGUST 2003 AND IF THE
PROPOSED FINAL DIVIDEND IS APPROVED BY THE MEMBERS,THE DIVIDEND WILL BE PAID ON
FRIDAY 15 AUGUST 2003.THE RECORD DATE WILL BE 18 JULY 2003.



B J COOKE. CHAIRMAN.
CASTINGS PLC. LICHFIELD ROAD. BROWNHILLS. WEST MIDLANDS. WS8 6JZ



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