Final Results

Castings PLC
24 May 2002


AT A BOARD MEETING I WAS AUTHORISED TO RELEASE THE FOLLOWING DETAILS IN
RESPECT OF CASTINGS PLC AND ITS WHOLLY OWNED SUBSIDIARY COMPANIES FOR THE YEAR
ENDED 31 MARCH 2002:


SUMMARISED GROUP PROFIT AND LOSS ACCOUNT
                                           YEAR ENDED           YEAR ENDED
                                              2002                 2001
                                              £000                 £000  

TURNOVER                                     56,120               55,475
                                             ______               ______ 
OPERATING PROFIT                              8,223                8,778
 
OTHER INCOME                                  1,671                1,948
                                             ______               ______
PROFIT BEFORE TAXATION                        9,894               10,726

TAXATION ON PROFITS                           2,903                3,193
                                              _____                _____
PROFIT ATTRIBUTABLE TO SHAREHOLDERS           6,991                7,533
                                              _____                _____
INTERIM DIVIDEND ALREADY PAID                 2.26PENCE           2.18PENCE
-PENCE PER SHARE
RATE OF FINAL DIVIDEND PROPOSED (PENCE)       5.59PENCE           5.32PENCE
AMOUNT ABSORBED BY DIVIDENDS(£000)           £3,423               £3,269     
                                                                              
EARNINGS PER SHARE - PENCE                    16.05PENCE           17.27PENCE
DILUTED EARNINGS PER SHARE - PENCE            16.04PENCE           17.23PENCE 

THE EARNINGS PER SHARE ARE BASED ON THE WEIGHTED AVERAGE NUMBER OF SHARES IN
ISSUE OF 43,547,068 IN 2002 AND 43,631,652 IN 2001.DILUTED EARNINGS PER SHARE
ARE BASED ON 43,597,068 SHARES BEING THE WEIGHTED AVERAGE NUMBER OF SHARES IN
ISSUE AFTER ADJUSTMENT FOR THE EFFECT OF DILUTIVE SHARE OPTIONS
(2001:43,731,652).

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                            31 MARCH 2002        31 MARCH 2001
                                               £000                  £000
PROFIT ATTRIBUTABLE TO SHAREHOLDERS            6,991                 7,533
PRIOR YEAR ADJUSTMENT-FRS 19 'DEFERRED TAX'   (1,129)                    -
                                              ______                 _____
TOTAL RECOGNISED GAINS AND LOSSES              5,862                 7,533
                                              ______                 _____
 
SUMMARISED GROUP BALANCE SHEET
                                            31 MARCH 2002        31 MARCH 2001
                                               £000                  £000
                                                                 (AS RESTATED)
TANGIBLE ASSETS                               28,410                19,385
INVESTMENTS                                      704                   704
CURRENT ASSETS 
STOCKS                                         3,509                 3,726
DEBTORS                                       12,597                11,703
CASH AT BANK                                  27,367                33,288
                                              ______                ______
                                              43,473                48,717
CREDITORS - UNDER ONE YEAR                   (14,596)              (14,970)
                                              ______                ______
NET CURRENT ASSETS                            28,877                33,747
PROVISIONS FOR LIABILITIES/CHARGES            (1,876)               (1,277)
                                              ______                ______
                                              56,115                52,559
                                              ______                ______
CAPITAL AND RESERVES                                   
CALLED UP SHARE CAPITAL                        4,358                 4,358
SHARE PREMIUM                                    832                   790
RESERVES                                      50,925                47,411
                                              ______                ______
                                              56,115                52,559
                                              ______                ______


SUMMARISED CASH FLOW STATEMENT               31 MARCH 2002       31 MARCH 2001
                                                £000                 £000

NET CASH INFLOW FROM OPERATING ACTIVITIES      11,325               11,735
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE:
INTEREST RECEIVED                               1,671                1,948
TAXATION                                       (3,264)              (3,190)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT:
PURCHASE OF TANGIBLE FIXED ASSETS             (12,450)              (4,384)   
INVESTMENTS MADE                                    -                  (10)
SALE OF TANGIBLE FIXED ASSETS                       7                   53
EQUITY DIVIDENDS PAID                          (3,301)              (3,150)
                                                _____                _____
CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES    (6,012)               3,002
AND FINANCING
MANAGEMENT OF LIQUID RESOURCES:
DECREASE IN SHORT-TERM DEPOSITS                 5,964               (2,535)
FINANCING:
CHANGE IN ORDINARY SHARE CAPITAL                  (13)                 (71)
                                                  ___                 ____ 
DECREASE IN CASH                                  (61)                 396
                                                  ___                 ____ 
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
DECREASE IN CASH IN THE PERIOD                    (61)                 396
DECREASE IN LIQUID RESOURCES                   (5,964)               2,545
                                                _____                _____
CHANGE IN NET FUNDS FROM CASH FLOWS            (6,025)               2,941
OPENING NET FUNDS                              33,992               31,051
                                               ______               ______
CLOSING NET FUNDS                              27,967               33,992
                                               ______               ______    


THE RESULTS FOR THE YEAR TO 31 MARCH 2002 HAVE BEEN EXTRACTED FROM THE
FINANCIAL STATEMENTS FOR THE YEAR WHICH HAS BEEN AUDITED AND WILL BE FILED
WITH THE REGISTRAR OF COMPANIES.THE RESULTS FOR THE YEAR TO 31 MARCH 2001 ARE
AN ABRIDGED VERSION OF THE COMPANY'S FULL ACCOUNTS FOR THAT YEAR WHICH
RECEIVED AN UNQUALIFIED REPORT BY THE AUDITORS AND HAVE BEEN FILED WITH THE
REGISTRAR OF COMPANIES.FOLLOWING THE ADOPTION OF FINANCIAL REPORTING STANDARD
19 'DEFERRED TAXATION' THE RESULTS FOR THE YEAR ENDED 31 MARCH 2001 HAVE BEEN
RESTATED WHERE APPROPRIATE.

THE ANNUAL GENERAL MEETING WILL BE HELD ON TUESDAY 13 AUGUST 2002 AND IF THE
FINAL PROPOSED DIVIDEND IS APPROVED BY THE MEMBERS, THE DIVIDEND WILL BE PAID
ON FRIDAY 16 AUGUST 2002.THE RECORD DATE WILL BE 19 JULY 2002.

ALTHOUGH THE PROFITS ARE SLIGHTLY LOWER THAN LAST YEAR,THEY ARE AGAIN
CONSIDERED SATISFACTORY TAKING INTO ACCOUNT THE REDUCTION IN DEMAND FROM THE
COMMERCIAL VEHICLE MANUFACTURERS.THERE HAS BEEN A DROP IN INVESTMENT INCOME
DUE TO REDUCED INTEREST RATES AND ALSO THE EFFECT OF OUR £12.5M INVESTMENT
PROGRAMME WHICH HAS ALSO INCREASED THE DEPRECIATION CHARGE.
EXPORTS HAVE AGAIN INCREASED TO A RECORD LEVEL AND NOW REPRESENT 48% OF OUR
TOTAL SALES DESPITE THE STRONG POUND.
DURING THE LAST FINANCIAL YEAR TWO MAJOR INVESTMENT PROGRAMMES WERE COMPLETED
AND IT IS NOW PLEASING TO REPORT DEMAND HAS IMPROVED AND SALES HAVE INCREASED
OVER THE LAST MONTH.THE IMMEDIATE FUTURE IS MORE ENCOURAGING THAN WE HAVE SEEN
FOR A CONSIDERABLE PERIOD AND IT IS HOPED THIS CAN BE MAINTAINED.

B J COOKE. CHAIRMAN.
CASTINGS PLC. LICHFIELD ROAD. BROWNHILLS. WEST MIDLANDS. WS8 6JZ 



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