Interim Results - 6 Months to 30 September 1999

Castings PLC
2 December 1999


TO: COMPANY ANNOUNCEMENTS

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

GROUP PROFIT AND LOSS ACCOUNT
                              SIX MONTHS ENDED SIX MONTHS ENDED  YEAR ENDED
                                  30 SEPT 1999   30 SEPT 1998   31 MARCH 1999
                                     £000           £000           £000  

NET TURNOVER                        26,519         32,883         62,477

OPERATING PROFIT                     4,117          4,995         10,095

OTHER INCOME                           739            794          1,768

PROFIT BEFORE TAXATION               4,856          5,789         11,863

TAXATION ON PROFITS                  1,457          1,795          3,736

PROFIT ATTRIBUTABLE TO SHAREHOLDERS  3,399          3,994          8,127

DIVIDENDS                              925            879          2,970

RETAINED PROFIT                      2,474          3,115          5,157

INTERIM DIVIDEND DECLARED             2.12PENCE      2.02PENCE      6.82PENCE
-PENCE PER SHARE

EARNINGS PER SHARE - BASIC            7.80PENCE      9.18PENCE     18.68PENCE
                   - DILUTED          7.77PENCE      9.13PENCE     18.59PENCE 

SUMMARISED GROUP BALANCE SHEET
                                  30 SEPT 1999   30 SEPT 1998   31 MARCH 1999
                                     £000           £000           £000
TANGIBLE ASSETS                     19,418         20,086         19,434
INVESTMENTS                            695            695            695
CURRENT ASSETS
STOCKS                               2,943          3,255          3,818
DEBTORS                              9,534          9,963          9,624
CASH AT BANK                        30,984         26,218         28,886
                                    43,461         39,436         42,328
CREDITORS - UNDER ONE YEAR         (15,553)       (18,603)       (16,953)

NET CURRENT ASSETS                  27,908         20,833         25,375
PROVISIONS FOR LIABILITIES/CHARGES    (148)             -           (148) 
                                    47,873         41,614         45,356

CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL              4,361          4,351          4,357
SHARE PREMIUM                          748            665            710
RESERVES                            42,764         36,598         40,289
                                    47,873         41,614         45,356

1)THE HALF YEAR RESULTS ARE UNAUDITED.THE ACCOUNTS FOR THE YEAR TO 31 MARCH
1999 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 1999 ANNUAL REPORT AND ACCOUNTS.
3)EARNINGS PER SHARE IS CALCULATED ON THE PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION OF £3,399,000 (1998-£3,994,000) AND ON THE WEIGHTED AVERAGE NUMBER OF
SHARES IN ISSUE DURING THE PERIOD OF 43,581,401(1998-43,495,901).DILUTED
EARNINGS PER SHARE IS BASED ON 43,731,401 SHARES(1998-43,745,401) 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 17 DECEMBER 1999,AND THE
INTERIM DIVIDEND WILL BE POSTED ON 14 JANUARY 2000.
COPIES OF THE INTERIM REPORT WILL BE AVAILABLE AT THE REGISTERED OFFICE OF THE
COMPANY AND WILL BE SENT TO SHAREHOLDERS ON 8 DECEMBER 1999.

CHAIRMAN'S STATEMENT
PROFIT BEFORE TAX FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999 WAS £4,856,000
COMPARED WITH £5,789,000 IN THE PERIOD TO 30 SEPTEMBER 1998.

TURNOVER IN ALL COMPANIES REDUCED CONSIDERABLY COMPARED TO THE PREVIOUS HALF
YEAR AS DEMAND FROM MANY OF OUR CUSTOMERS WAS AT A REDUCED LEVEL FOR MOST OF
THE PERIOD.  DEMAND HAS RECOVERED IN MANY AREAS AND IT IS ANTICIPATED THE
SECOND HALF YEAR WILL SHOW IMPROVEMENT FROM THE FIRST HALF, BUT, AS YET, NOT
UP TO LAST YEAR'S LEVELS.

CASTINGS BROWNHILLS HAS NOW SEEN A CONSIDERABLE IMPROVEMENT DURING THE LAST
THREE MONTHS AND CNC SPEEDWELL IS INCREASING TURNOVER WITH NEW CUSTOMERS AND
INCREASES FROM OUR EXISTING COMMERCIAL VEHICLE CUSTOMERS.  WILLIAM LEE HAS NOT
YET SEEN A RETURN TO PREVIOUS LEVELS OF TURNOVER, WITH THE AUTOMOBILE AND
RAILWAY INDUSTRIES AT A REDUCED LEVEL OF ACTIVITY.  ALL COMPANIES ARE
SUBJECTED TO PRICE PRESSURE, WHICH IS BEING MET FROM IMPROVED PRODUCTIVITY AND
ALL ROUND COST SAVINGS.

THE CLOSURE OF W.H.BOOTH ON 3 DECEMBER, WHICH WE ANNOUNCED EARLIER THIS YEAR,
WILL LEAD TO CONSIDERABLE COST SAVINGS WHEN PRODUCTION IS CONSOLIDATED ONTO
OUR THREE OTHER SITES.

WE HAVE BEEN ENCOURAGED BY THE ONGOING ORDERS WE HAVE MANAGED TO OBTAIN OVER
THE LAST YEAR IN EUROPE, INCLUDING FRANCE, SWEDEN AND HOLLAND, AND MORE
RECENTLY IN THE UNITED STATES.  WE ARE CONFIDENT FURTHER OPPORTUNITES IN THE
MARKET WILL ENABLE US TO COMPENSATE FOR THE LOWER LEVEL OF ACTIVITY, BUT WE DO
NOT THINK AT THE MOMENT THAT TRADING AND PROFIT WILL RETURN TO PREVIOUS RECORD
LEVELS.

YOUR BOARD CONTINUES TO CONSIDER CORPORATE OPPORTUNITIES.

AN INTERIM DIVIDEND OF 2.12 PENCE PER SHARE HAS BEEN DECLARED AND WILL BE SENT
TO SHAREHOLDERS ON 14 JANUARY 2000.

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