Turnover reaches £150m at a Walsall-based engineering firm
Castings reported revenues of £150.2m for the year to 31 March 2019, up from £133.3m from this time last year with pre-tax profits also up to £14.1m from £12.1m.
A statement from the company said its foundries had increased output and improve profitability during the period. It said its CNC Speedwell business is now back under operational control with a new management team and engineering improvements being made on specific parts have started to improve the profitability
“The foundries have seen an increase in output and improved profitability compared to the previous year,” said chairman, Brian Cooke. “Whilst profit margins reduced in the first half of the year, we have seen a strong performance in the second half which has seen margins in excess of the previous year. Our investment in robotic handling and other process automation have contributed to a rise in productivity during the year along with process quality improvements.”
Based on these financial results, Cooke recommended an increase in final dividend to 11.4p per share, bringing the total for the year to 14.78p, up from 14.5p 12 months earlier.
Castings has also paid a supplementary dividend of 15p per share.