Interim Results

Castings PLC
29 November 2001


AT A BOARD MEETING I WAS AUTHORISED TO RELEASE THE FOLLOWING DETAILS IN
RESPECT OF CASTINGS PLC AND ITS WHOLLY OWNED SUBSIDIARY COMPANIES:
 
SUMMARISED GROUP PROFIT AND LOSS ACCOUNT

                              SIX MONTHS ENDED SIX MONTHS ENDED  YEAR ENDED
                                  30 SEPT 2001   30 SEPT 2000   31 MARCH 2001
                                     £000           £000           £000  

NET TURNOVER                        27,064         26,666         55,475
                                    ______         ______         ______
OPERATING PROFIT                     3,705          4,067          8,778
OTHER INCOME                           907            942          1,948
                                     _____          _____         ______
PROFIT BEFORE TAXATION               4,612          5,009         10,726

TAXATION ON PROFITS                  1,383          1,503          3,193
                                     _____          _____          _____ 
PROFIT ATTRIBUTABLE TO SHAREHOLDERS  3,229          3,506          7,533

DIVIDENDS                              984            952          3,269
                                     _____          _____          _____      
                       
RETAINED PROFIT                      2,245          2,554          4,264
                                     _____          _____          _____      
                            
INTERIM DIVIDEND DECLARED             2.26PENCE      2.18PENCE      7.50PENCE
-PENCE PER SHARE

EARNINGS PER SHARE - BASIC            7.41PENCE      8.04PENCE     17.27PENCE
                   - DILUTED          7.40PENCE      8.02PENCE     17.23PENCE 


SUMMARISED GROUP BALANCE SHEET
                                  30 SEPT 2001   30 SEPT 2000   31 MARCH 2001
                                     £000           £000           £000
TANGIBLE ASSETS                     24,771         18,056         19,385
INVESTMENTS                            704            704            704
CURRENT ASSETS
STOCKS                               2,757          3,237          3,726
DEBTORS                             12,034         10,497         11,703
CASH AT BANK                        29,184         32,381         33,288
                                    ______         ______         ______ 
                                    43,975         46,115         48,717
CREDITORS - UNDER ONE YEAR         (13,429)       (12,631)       (14,970)
                                    ______         ______         ______
NET CURRENT ASSETS                  30,546         33,484         33,747
PROVISIONS FOR LIABILITIES/CHARGES    (148)          (148)          (148)     
                                    ______         ______         ______ 
                                    55,873         52,096         53,688
                                    ______         ______         ______
                                  
CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL              4,353          4,366          4,358
SHARE PREMIUM                          790            790            790
RESERVES                            50,730         46,940         48,540
                                    ______         ______         ______
                                    55,873         52,096         53,688
                                    ______         ______         ______


SUMMARISED CASH FLOW STATEMENT    30 SEPT 2001    30 SEPT 2000   31 MARCH 2001
                                     £000            £000           £000 
NET CASH INFLOW FROM OPERATING 
ACTIVITIES                           5,256          5,712          11,735
RETURNS ON INVESTMENTS AND 
SERVICING OF FINANCE:
INTEREST RECEIVED                      907            942           1,948 
TAXATION                            (1,358)        (1,002)         (3,190)
CAPITAL EXPENDITURE AND 
FINANCIAL INVESTMENT:
PURCHASE OF TANGIBLE FIXED ASSETS   (6,834)        (1,488)         (4,384) 
PURCHASE OF INVESTMENTS                  -            (10)            (10)
SALE OF TANGIBLE FIXED ASSETS            3             21              53 
EQUITY DIVIDENDS PAID               (2,317)        (2,198)         (3,150) 

CASH OUTFLOW BEFORE USE OF            _____          _____           _____
LIQUID RESOURCES AND FINANCING      (4,343)         1,977           3,002
MANAGEMENT OF LIQUID RESOURCES:
DECREASE IN SHORT-TERM DEPOSITS      3,792         (1,724)         (2,535) 
FINANCING:
ISSUE OF ORDINARY SHARE CAPITAL        (60)            47             (71)
                                     _____          _____           _____    
DECREASE IN CASH                      (611)           300             396
                                     _____          _____           _____
RECONCILIATION OF NET CASH FLOW TO 
MOVEMENT IN NET FUNDS
DECREASE IN CASH IN THE PERIOD        (611)           300             396
DECREASE IN LIQUID RESOURCES        (3,792)         1,724           2,545
                                     _____          _____           _____
CHANGE IN NET FUNDS FROM CASH FLOWS (4,403)         2,024           2,941
INVESTMENTS                              -             10               -
OPENING NET FUNDS                   33,992         31,051          31,051 
                                    ______         ______          ______
CLOSING NET FUNDS                   29,589         33,085          33,992
                                    ______         ______          ______


1)THE HALF YEAR RESULTS ARE UNAUDITED.THE ACCOUNTS FOR THE YEAR TO 31 MARCH
2001 SET OUT ABOVE ARE ABRIDGED.FULL ACCOUNTS FOR THE YEAR,ON WHICH THE
AUDITORS OF THE GROUP HAVE GIVEN AN UNQUALIFIED REPORT,HAVE BEEN DELIVERED TO
THE REGISTRAR OF COMPANIES.

2)THE INTERIM INFORMATION HAS BEEN PREPARED ON THE BASIS OF THE ACCOUNTING
POLICIES SET OUT IN THE GROUP'S 2001 ANNUAL REPORT AND ACCOUNTS.

3)EARNINGS PER SHARE IS CALCULATED ON THE PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION OF £3,229,000 (2000:£3,506,000) AND ON THE WEIGHTED AVERAGE NUMBER OF
SHARES IN ISSUE DURING THE PERIOD OF 43,548,735(2000:43,628,735).DILUTED
EARNINGS PER SHARE IS BASED ON 43,648,735 SHARES(2000:43,728,735) AFTER
ADJUSTMENT FOR THE EFFECT OF DILUTIVE SHARE OPTIONS.

4)THE LAST DAY ON WHICH TRANSFERS CAN BE LODGED WITH THE REGISTRAR FOR
TRANSFEREES TO RECEIVE THE INTERIM DIVIDEND IS 14 DECEMBER 2001,AND THE
INTERIM DIVIDEND WILL BE POSTED ON 11 JANUARY 2002.

COPIES OF THE INTERIM REPORT WILL BE AVAILABLE AT THE REGISTERED OFFICE OF THE
COMPANY AND WILL BE SENT TO SHAREHOLDERS ON 5 DECEMBER 2001.

CHAIRMAN'S STATEMENT

PROFIT BEFORE TAX FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001 WAS £4,612,000
COMPARED WITH £5,009,000 IN THE PERIOD TO 30 SEPTEMBER 2000.

TURNOVER WAS MARGINALLY HIGHER THAN THE SIX MONTHS TO 30TH SEPTEMBER 2000, BUT
OPERATING PROFIT AND INVESTMENT INCOME WERE BOTH LOWER.  UNDER THE CURRENT
ECONOMIC CONDITIONS THE RESULTS ARE CONSIDERED SATISFACTORY.

THE RESULTS WERE AFFECTED BY AN INCREASED DEPRECIATION CHARGE ON OUR RECENT
INVESTMENTS FROM WHICH WE HAVE NOT YET BENEFITTED FULLY.  ALSO THE START UP
PERIOD OF THE NEW PLANT AT BROWNHILLS CAUSED US SOME DISRUPTION AND INCREASED
COSTS FOR A SHORT PERIOD.

WILLIAM LEE HAS ENJOYED A STABLE PERIOD OF TRADING AND IT IS HOPED DEMAND FROM
THE RAILWAY INDUSTRY WILL CONTINUE TO IMPROVE.  THE NEW PLANT DUE TO BE
COMMISSIONED IN DECEMBER IS PROGRESSING ON TIME.

CNC SPEEDWELL, OUR MACHINE SHOP, HAS BEEN AFFECTED BY UP TO A 20% REDUCTION IN
ORDERS FROM THE COMMERCIAL VEHICLE MANUFACTURERS, BUT NEW WORK OBTAINED SHOULD
PROVE BENEFICIAL IN OUR NEXT FINANCIAL YEAR.

IN CONCLUSION IT WOULD BE OF NO SURPRISE IF THE CURRENT WORLD SITUATION DOES
NOT HAVE REPERCUSSIONS AFFECTING THE SALES TO OUR CUSTOMERS IN THE COMING
MONTHS.  THEREFORE I AM UNABLE TO ACCURATELY PREDICT THE OUTCOME FOR THE FULL
YEAR.

AN INTERIM DIVIDEND OF 2.26 PENCE PER SHARE HAS BEEN DECLARED AND WILL BE SENT
TO SHAREHOLDERS ON 11 JANUARY 2002.

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