Interim Results

Castings PLC
28 November 2002


CASTINGS PLC

RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2002

SUMMARISED GROUP PROFIT AND LOSS ACCOUNT

                                                        SIX MONTHS ENDED          SIX MONTHS ENDED            YEAR ENDED
                                                            30 SEPT 2002              30 SEPT 2001         31 MARCH 2002
                                                                    £000                      £000                  £000

NET TURNOVER                                                      27,856                    27,064                56,120
                                                                  ______                    ______                ______
OPERATING PROFIT                                                   3,593                     3,705                 8,223
OTHER INCOME                                                         591                       907                 1,671
                                                                   _____                     _____                ______
PROFIT BEFORE TAXATION                                             4,184                     4,612                 9,894
TAXATION ON PROFITS                                                1,255                     1,383                 2,903
                                                                   _____                     _____                 _____
                    PROFIT ATTRIBUTABLE TO SHAREHOLDERS            2,929                     3,229                 6,991
DIVIDENDS                                                          1,012                       984                 3,423
                                                                   _____                     _____                 _____
RETAINED PROFIT                                                    1,917                     2,245                 3,568
                                                                   _____                     _____                 _____

INTERIM DIVIDEND DECLARED                                      2.32PENCE                 2.26PENCE             7.85PENCE

-PENCE PER SHARE

EARNINGS PER SHARE           - BASIC                           6.72PENCE                 7.41PENCE            16.05PENCE

                             - DILUTED                         6.72PENCE                 7.40PENCE            16.04PENCE



SUMMARISED GROUP BALANCE SHEET
                                                            30 SEPT 2002              30 SEPT 2001         31 MARCH 2002
                                                                    £000                      £000                  £000

TANGIBLE ASSETS                                                   30,708                    24,771                28,410
INVESTMENTS                                                          704                       704                   704
CURRENT ASSETS
STOCKS                                                             3,146                     2,757                 3,509
DEBTORS                                                           12,865                    12,034                12,597
CASH AT BANK                                                      24,542                    29,184                27,367
                                                                  ______                    ______                ______

                                                                  40,553                    43,975                43,473

CREDITORS - UNDER ONE YEAR                                      (11,947)                  (13,429)              (14,596)
                                                                  ______                    ______                ______

NET CURRENT ASSETS                                                28,606                    30,546                28,877

PROVISIONS FOR LIABILITIES/CHARGES                               (1,939)                     (148)               (1,876)

                                                                  58,079                    55,873                56,115
                                                                  ______                    ______                ______

CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL                                            4,363                     4,353                 4,358
SHARE PREMIUM                                                        874                       790                   832
RESERVES                                                          52,842                    50,730                50,925
                                                                  ______                    ______                ______
                                                                  58,079                    55,873                56,115
                                                                  ______                    ______                ______



SUMMARISED CASH FLOW STATEMENT                                   30 SEPT 2002         30 SEPT 2001         31 MARCH 2002
                                                                         £000                 £000                  £000

NET CASH INFLOW FROM OPERATING ACTIVITIES                               4,193                5,256                11,325

RETURNS ON INVESTMENTS AND

SERVICING OF FINANCE:
INTEREST RECEIVED                                                         591                  907                 1,671
TAXATION                                                              (1,049)              (1,358)               (3,264)
CAPITAL EXPENDITURE AND

FINANCIAL INVESTMENT:
PURCHASE OF TANGIBLE FIXED ASSETS                                     (4,079)              (6,834)              (12,450)
PURCHASE OF INVESTMENTS                                                     -                    -                     -
SALE OF TANGIBLE FIXED ASSETS                                               6                    3                     7
EQUITY DIVIDENDS PAID                                                 (2,439)              (2,317)               (3,301)
CASH OUTFLOW BEFORE USE OF                                             ______               ______                ______
LIQUID RESOURCES AND FINANCING                                        (2,777)              (4,343)               (6,012)
MANAGEMENT OF LIQUID RESOURCES:
DECREASE IN SHORT-TERM DEPOSITS                                         2,606                3,792                 5,964
FINANCING:
ISSUE OF ORDINARY SHARE CAPITAL                                            47                 (60)                  (13)
                                                                        _____                _____                 _____
DECREASE IN CASH                                                        (124)                (611)                  (61)
                                                                        _____                _____                 _____
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET
FUNDS
DECREASE IN CASH IN THE PERIOD                                          (124)                (611)                  (61)
DECREASE IN LIQUID RESOURCES                                          (2,606)              (3,792)               (5,964)
                                                                        _____                _____                 _____
CHANGE IN NET FUNDS FROM CASH FLOWS                                   (2,730)              (4,403)               (6,025)
INVESTMENTS                                                                 -                    -                     -
OPENING NET FUNDS                                                      27,967               33,992                33,992
                                                                       ______               ______                ______
CLOSING NET FUNDS                                                      25,237               29,589                27,967
                                                                       ______               ______                ______


1)THE HALF YEAR RESULTS ARE UNAUDITED.THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2002
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 2002 ANNUAL REPORT AND ACCOUNTS.

3)EARNINGS PER SHARE IS CALCULATED ON THE PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION OF £2,929,000 (2001:£3,229,000) AND ON THE WEIGHTED AVERAGE NUMBER OF
SHARES IN ISSUE DURING THE PERIOD OF 43,612,068(2001:43,548,735).DILUTED
EARNINGS PER SHARE IS BASED ON 43,612,068 SHARES(2001:43,648,735) 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 13 DECEMBER 2002,AND THE INTERIM
DIVIDEND WILL BE POSTED ON 10 JANUARY 2003.

COPIES OF THE INTERIM REPORT WILL BE AVAILABLE AT THE REGISTERED OFFICE OF THE
COMPANY AND WILL BE SENT TO SHAREHOLDERS ON 4 DECEMBER 2002.

CHAIRMAN'S STATEMENT

PROFIT BEFORE TAX FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002 WAS £4,184,000
COMPARED WITH £4,612,000 IN THE PERIOD TO 30 SEPTEMBER 2001.

TURNOVER INCREASED BY 2.9%, BUT OPERATING PROFIT WAS DOWN BY 3.0% AND INVESTMENT
INCOME WAS AGAIN AT A LOWER LEVEL. ALL THREE COMPANIES HAVE ENJOYED IMPROVED
ORDER BOOKS, BUT DURING THIS PERIOD PROFITABILITY HAS DETERIORATED.

THE RESULTS HAVE BEEN AFFECTED BY THE FOLLOWING MAIN FACTORS; DISRUPTION OF
POWER SUPPLY AT OUR BROWNHILLS FOUNDRY ON FOUR SEPARATE OCCASIONS, LARGE
INCREASES IN INSURANCE PREMIUMS, AN INCREASED DEPRECIATION CHARGE, TOGETHER WITH
EVER INCREASING PRICE COMPETITION.

WE HAVE DURING THE LAST FEW WEEKS SEEN A REDUCTION IN SCHEDULES, MAINLY FROM THE
AUTOMOBILE INDUSTRIES AND GENERAL ENGINEERING, SO WE HAVE HAD TO REDUCE OUR
PRODUCTION LEVELS. CNC SPEEDWELL IS EXPECTED TO REMAIN BUSY WITH NEW CONTRACTS
COMING ON STREAM DURING THE COMING MONTHS.

IT IS VERY DIFFICULT IF NOT IMPOSSIBLE TO FORECAST THE IMMEDIATE FUTURE BECAUSE
OF EUROPEAN AND WORLD UNCERTAINTIES CAUSING VARIABLE DEMAND AND LACK OF
CONFIDENCE. HOWEVER, WE ARE DETERMINED TO REMAIN A COMPETITIVE SUPPLIER TO OUR
CUSTOMERS BY CONTINUAL INVESTMENT IN STATE OF THE ART MACHINERY, IMPROVEMENTS IN
PRODUCTIVITY AND COST REDUCTIONS THAT ARE WITHIN OUR CONTROL.

AN INTERIM DIVIDEND OF 2.32 PENCE PER SHARE HAS BEEN DECLARED AND WILL BE SENT
TO SHAREHOLDERS ON 10 JANUARY 2003.

B J COOKE. CHAIRMAN.

CASTINGS PLC. LICHFIELD ROAD. BROWNHILLS. WEST MIDLANDS. WS8 6JZ


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