Sales improve for Walsall's Castings

Walsall's Castings group has reported increased sales and profit for the six months to the end of September.

The ductile iron and spheriodal graphite iron castings business, which has its head office in Lichfield Road, Brownhills, said revenue had been affected by the general reduction in raw materials prices during the half year which made it difficult to compare directly to last year.

Sales for the six months rose from £63.6 million to £65m with pre-tax profit up from £8.34m to £9.51m .

Castings says it is anticipated that the profits for the full year will meet market expectations, unless there is a sudden and unexpected change in the economic climate.

An interim dividend of 3.38p per share has been declared and will be paid on January 4 to shareholders.

The group also includes William Lee in Dronfield, South Yorkshire and CNC Speedwell, which is directly opposite the Brownhills foundry.

Castings exports about 80 per cent of production to markets around the world.