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Castings squeezed by automotive industry pressures

The iron castings and machining specialist was hit by lower demand, production issues and higher raw material prices
Castings squeezed by automotive industry pressures
  • Adjusted operating profit plunged by two-thirds in the year to 31 March, to £4.3m
  • Final dividend increased by 3 per cent to 11.69p per share

Iron casting and machining group Castings (CGS) is heavily reliant on the automotive industry, with around 70 per cent of sales coming from commercial vehicle customers. As major clients closed their production facilities at the beginning of the pandemic, the group saw its output collapse by 80 per cent last April and May.

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