Final Results

Castings PLC
21 May 2004


CASTINGS PLC
RESULTS FOR YEAR ENDED 31 MARCH 2004
SUMMARISED GROUP PROFIT AND LOSS ACCOUNT
                                            YEAR ENDED     YEAR ENDED
                                                  2004           2003
                                                  £000           £000

TURNOVER                                        61,176         59,895
                                              --------       --------

OPERATING PROFIT                                 7,676          8,614
EXCEPTIONAL ITEM - PENSION COSTS                     -         (4,052)
OTHER INCOME                                     1,017          1,132
                                              --------       --------
PROFIT BEFORE TAXATION                           8,693          5,694
TAXATION ON PROFITS                             (2,614)        (1,549)
                                              --------       --------
PROFIT ATTRIBUTABLE TO SHAREHOLDERS              6,079          4,145
                                              --------       --------

INTERIM DIVIDEND ALREADY PAID                2.38PENCE      2.32PENCE
-PENCE PER SHARE

RATE OF FINAL DIVIDEND PROPOSED (PENCE)      6.05PENCE      5.87PENCE
AMOUNT ABSORBED BY DIVIDENDS(£000)              £3,678         £3,573
EARNINGS PER SHARE -BASIC                   13.93PENCE      9.50PENCE

-ADJUSTED                                   13.93PENCE     16.00PENCE
-DILUTED                                    13.93PENCE      9.50PENCE

THE EARNINGS PER SHARE ARE BASED ON THE WEIGHTED AVERAGE NUMBER OF SHARES IN
ISSUE OF 43,632,068 IN 2004 AND 43,622,068 IN 2003.DILUTED EARNINGS PER SHARE
ARE BASED ON 43,632,068 SHARES BEING THE WEIGHTED AVERAGE NUMBER OF SHARES IN
ISSUE AFTER ADJUSTMENT FOR THE EFFECT OF DILUTIVE SHARE OPTIONS (2003:
43,622,068).
SUMMARISED GROUP BALANCE SHEET
                                      31 MARCH 2004      31 MARCH 2003
                                               £000               £000

TANGIBLE ASSETS                              31,043             32,067
INVESTMENTS                                     704                704
CURRENT ASSETS
STOCKS                                        4,527              4,284
DEBTORS                                      13,697             12,863
CASH AT BANK                                 25,393             25,522
                                             ______             ______
                                             43,617             42,669
CREDITORS - UNDER ONE YEAR                  (14,855)           (17,740)
                                             ______             ______
NET CURRENT ASSETS                           28,762             24,929
PROVISIONS FOR LIABILITIES/CHARGES           (1,374)              (966)
                                             ______             ______
                                             59,135             56,734
                                             ------             ------

CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL                       4,363              4,363
SHARE PREMIUM                                   874                874
RESERVES                                     53,898             51,497
                                             ______             ______
                                             59,135             56,734
                                             ------             ------



SUMMARISED CASH FLOW STATEMENT           31 MARCH 2004    31 MARCH 2003
                                                  £000             £000

NET CASH INFLOW FROM OPERATING                   8,213           10,750
ACTIVITIES
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE:
INTEREST RECEIVED                                1,017            1,132
TAXATION                                        (2,311)          (2,572)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT:
PURCHASE OF TANGIBLE FIXED ASSETS               (3,481)          (7,673)
INVESTMENTS MADE                                     -                -
SALE OF TANGIBLE FIXED ASSETS                       33               26
EQUITY DIVIDENDS PAID                           (3,600)          (3,451)
                                               _______          _______
CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES       (129)          (1,788)
AND FINANCING
MANAGEMENT OF LIQUID RESOURCES:
DECREASE IN SHORT-TERM DEPOSITS                    942            1,642
FINANCING:
CHANGE IN ORDINARY SHARE CAPITAL                     -               47
                                                  ____             ____
INCREASE IN CASH                                   813              (99)
                                                  ----             ----

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET
FUNDS
INCREASE IN CASH IN THE PERIOD                     813              (99)
DECREASE IN LIQUID RESOURCES                      (942)          (1,642)
                                               _______           ______
CHANGE IN NET FUNDS FROM CASH FLOWS               (129)          (1,741)
OPENING NET FUNDS                               26,226           27,967
                                                ______           ______
CLOSING NET FUNDS                               26,097           26,226
                                                ------           ------

THE RESULTS FOR THE YEAR TO 31 MARCH 2004 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 2003 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.

IT IS DISAPPOINTING TO REPORT THAT OPERATING PROFITS ARE DOWN BY JUST OVER 10%
COMPARED TO LAST YEAR.

THE RESULTS WERE SEVERELY AFFECTED BY THE RAPID RISE IN RAW MATERIAL PRICES
TOWARDS THE END OF 2003 AND THE FIRST THREE MONTHS OF 2004, WHICH HAS BEEN A
WELL REPORTED GLOBAL PHENOMENON. IT IS DIFFICULT TO RECOVER IMMEDIATELY THE
INCREASES THAT ARE IMPOSED ON US AND THERE IS ALWAYS A DELAY IN NEGOTIATING NEW
PRICES WITH OUR CUSTOMERS.

IT WAS ALSO REPORTED IN JANUARY THAT DEMAND WAS AT A LOWER LEVEL.THANKFULLY THIS
SITUATION HAS CHANGED AND OUTPUT AT ALL COMPANIES IS NOW MORE SATISFACTORY.
RAW MATERIAL PRICES, COUPLED WITH COMPETITION FROM LOW WAGE ECONOMIES, HAS MADE
OUR COMPETITIVE POSITION SOMEWHAT STRAINED, BUT IT IS HOPED PRICES WILL RETURN
TO MORE NORMAL LEVELS ONCE THE MARKET HAS STABILISED.

WE CONTINUE TO ACHIEVE PRODUCTION EFFICIENCY THROUGH CAPITAL EXPENDITURE AND
IMPROVED PROCESSES TO ENSURE WE MAINTAIN OUR POSITION AS WORLD CLASS SUPPLIERS
OF CASTINGS AND FINISHED PRODUCTS.

THE ANNUAL GENERAL MEETING WILL BE HELD ON TUESDAY 17 AUGUST 2004 AND IF THE
PROPOSED FINAL DIVIDEND IS APPROVED BY THE MEMBERS,THE DIVIDEND WILL BE PAID ON
FRIDAY 20 AUGUST 2004.THE RECORD DATE WILL BE 23 JULY 2004.

B J COOKE. CHAIRMAN.

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


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