Interim Results

Castings PLC
30 November 2000



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 2000   30 SEPT 1999   31 MARCH 2000
                                     £000           £000           £000  

NET TURNOVER                        26,666         26,519         55,939
                                    ______         ______         ______
OPERATING PROFIT                     4,067          4,117          9,183
EXCEPTIONAL OPERATING EXPENSES           -              -           (536)
OTHER INCOME                           942            739          1,573
                                     _____          _____         ______
PROFIT BEFORE TAXATION               5,009          4,856         10,220

TAXATION ON PROFITS                  1,503          1,457          3,000
                                     _____          _____          _____ 
PROFIT ATTRIBUTABLE TO SHAREHOLDERS  3,506          3,399          7,220

DIVIDENDS                              952            925          3,123
                                     _____          _____          _____      
                       
RETAINED PROFIT                      2,554          2,474          4,097
                                     _____          _____          _____      
                            
INTERIM DIVIDEND DECLARED             2.18PENCE      2.12PENCE      7.16PENCE
-PENCE PER SHARE

EARNINGS PER SHARE - BASIC            8.04PENCE      7.80PENCE     16.56PENCE
                   - DILUTED          8.02PENCE      7.77PENCE     16.50PENCE 



SUMMARISED GROUP BALANCE SHEET
                                  30 SEPT 2000   30 SEPT 1999   31 MARCH 2000
                                     £000           £000           £000
TANGIBLE ASSETS                     18,056         19,418         17,949
INVESTMENTS                            704            695            694
CURRENT ASSETS
STOCKS                               3,237          2,943          3,409
DEBTORS                             10,497          9,534         12,018
CASH AT BANK                        32,381         30,984         30,455
                                    ______         ______         ______ 
                                    46,115         43,461         45,882
CREDITORS - UNDER ONE YEAR         (12,631)       (15,553)       (14,882)
                                    ______         ______         ______
NET CURRENT ASSETS                  33,484         27,908         31,000
PROVISIONS FOR LIABILITIES/CHARGES    (148)          (148)          (148)     
                                    ______         ______         ______ 
                                    52,096         47,873         49,495
                                    ______         ______         ______
                                  
CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL              4,366          4,361          4,361
SHARE PREMIUM                          790            748            748
RESERVES                            46,940         42,764         44,386
                                    ______         ______         ______
                                    52,096         47,873         49,495
                                    ______         ______         ______



SUMMARISED CASH FLOW STATEMENT    30 SEPT 2000    30 SEPT 1999   31 MARCH 2000
                                     £000            £000           £000 
NET CASH INFLOW FROM OPERATING 
ACTIVITIES                           5,712           5,774          9,708
RETURNS ON INVESTMENTS AND 
SERVICING OF FINANCE:
INTEREST RECEIVED                      942            739           1,573 
TAXATION                            (1,002)          (217)         (3,976)
CAPITAL EXPENDITURE AND 
FINANCIAL INVESTMENT:
PURCHASE OF TANGIBLE FIXED ASSETS   (1,488)        (1,444)         (2,302) 
PURCHASE OF INVESTMENTS                (10)             -               -
SALE OF TANGIBLE FIXED ASSETS           21             11             159 
EQUITY DIVIDENDS PAID               (2,198)        (2,091)         (3,016) 

CASH INFLOW BEFORE USE OF            _____          _____           _____
LIQUID RESOURCES AND FINANCING       1,977          2,772           2,146
MANAGEMENT OF LIQUID RESOURCES:
INCREASE IN SHORT-TERM DEPOSITS     (1,724)        (1,862)         (1,376) 
FINANCING:
ISSUE OF ORDINARY SHARE CAPITAL         47             43              42
                                     _____          _____           _____    
INCREASE IN CASH                       300            953             812
                                     _____          _____           _____
RECONCILIATION OF NET CASH FLOW TO 
MOVEMENT IN NET FUNDS
INCREASE IN CASH IN THE PERIOD         300            953             812
INCREASE IN LIQUID RESOURCES         1,724          1,862           1,376
                                     _____          _____           _____
CHANGE IN NET FUNDS FROM CASH FLOWS  2,024          2,815           2,188
INVESTMENTS                             10              -              (1)
OPENING NET FUNDS                   31,051         28,864          28,864 
                                    ______         ______          ______
CLOSING NET FUNDS                   33,085         31,679          31,051
                                    ______         ______          ______


1)THE HALF YEAR RESULTS ARE UNAUDITED.THE ACCOUNTS FOR THE YEAR TO 31 MARCH
2000 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 GROUPS 2000 ANNUAL REPORT AND ACCOUNTS.
3)EARNINGS PER SHARE IS CALCULATED ON THE PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION OF £3,506,000 (1999:£3,399,000) AND ON THE WEIGHTED AVERAGE NUMBER OF
SHARES IN ISSUE DURING THE PERIOD OF 43,628,735(1999:43,581,401).DILUTED
EARNINGS PER SHARE IS BASED ON 43,728,735 SHARES(1999:43,731,401) 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 15 DECEMBER 2000,AND THE
INTERIM DIVIDEND WILL BE POSTED ON 12 JANUARY 2001.
COPIES OF THE INTERIM REPORT WILL BE AVAILABLE AT THE REGISTERED OFFICE OF THE
COMPANY AND WILL BE SENT TO SHAREHOLDERS ON 6 DECEMBER 2000.

CHAIRMAN'S STATEMENT
PROFIT BEFORE TAX FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2000 WAS £5,009,000
COMPARED WITH £4,856,000 IN THE PERIOD TO 30 SEPTEMBER 1999.

TURNOVER WAS ONLY SLIGHTLY HIGHER THAN LAST YEAR, WITH OPERATING PROFITS
MARGINALLY LOWER, BUT WITH INVESTMENT INCOME TOTAL PROFITS WERE 3% THE RESULTS
UNDER THE CIRCUMSTANCES ARE CONSIDERED COMMENDABLE DESPITE CONTINUED PRICE
PRESSURE AND THE STRENGTH OF THE POUND STERLING AGAINST THE EURO.

ALL COMPANIES ENJOYED GOOD LEVELS OF SALES IN THE PERIOD, BUT SINCE THE END OF
OCTOBER WE HAVE SEEN A NOTICEABLE, AND IN SOME CASES, CONSIDERABLE REDUCTION
IN DEMAND.  THIS IS SOMEWHAT DISAPPOINTING AS OUR CUSTOMERS WERE FORECASTING
CONTINUING HIGH LEVELS THROUGHOUT THE YEAR AND INTO NEXT YEAR.

THE COMPANY CONTINUES TO INVEST IN UP-TO-DATE PLANT AND IN THIS RESPECT TWO
MAJOR DEVELOPMENTS ARE IN PROGRESS.  A REPLACEMENT MOULDING AND MELTING PLANT
AT BROWNHILLS WILL BE COMMISSIONED IN AUGUST 2001 AND A NEW HORIZONTAL
MOULDING PLANT WILL BE COMMISSIONED IN JANUARY 2002 AT WILLIAM LEE.  WE ARE
TAKING A LONG-TERM VIEW AND INTEND TO OFFER A FULL RANGE OF DUCTILE CASTINGS
TO OUR CUSTOMERS. CNC SPEEDWELL CONTINUES TO GROW IN THE SUPPLY OF MACHINED
CASTINGS.

IT IS DIFFICULT TO FORECAST THE FULL YEAR RESULTS IN VIEW OF THE CURRENT
REDUCTIONS, BUT IT IS HOPED THEY WILL BE SIMILAR TO LAST YEAR.

AN INTERIM DIVIDEND OF 2.18 PENCE PER SHARE HAS BEEN DECLARED AND WILL BE SENT
TO SHAREHOLDERS ON 12 JANUARY 2001.

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