Castings (GB:CGS) has released an update.
Castings PLC reported a successful fiscal year with turnover rising to £224 million, a 12% increase, and pre-tax profits reaching £21.3 million, up from the previous year’s £16.7 million. The company observed a strong customer demand, particularly from heavy truck manufacturers, leading to a temporary outsourcing strategy to meet the unprecedented demand caused by COVID-related backlogs. While the latter half of the year saw a normalization of demand, Castings PLC is expanding capacity with a £17 million investment in a new foundry production line and continues to focus on diversification and sustainability initiatives.
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