City briefs: Castings; Hill & Smith
Walsall-based manufacturer Castings has reported £111m in sales in the last six months, compared to £85.6m for the same period last year, following a demand for heavy trucks.
The firm reported continued progression in other sectors including wind energy, rail, trailer braking and trailer coupling, as well as increasing opportunities to supply parts into the US market.
This has resulted in a profit before tax of £10.3m (2022 – £7.5m).
After nearly 63 years with Castings, of which 40 have been as chairman, Brian Cooke has stood down.
Cooke joined the company from foundry college in 1960 and was appointed a director six years later. Prior to becoming Chairman in 1983, he served as managing director at Brownhills and then as group chief executive.
Transport giant Hill & Smith has seen its revenue in the four-month period to 31 October 2023 up 15% on a constant currency basis.
Thanks to the positive trading performance, the group expects its 2023 operating profit to be slightly ahead of the top end of current analyst consensus (an underlying operating profit of £117.2m) and to start FY24 with positive momentum.
Hill & Smith’s latest acquisitions have delivered a ‘robust performance’ with a ‘buoyant demand’ across its US businesses.