Foundry firm endures tough day on the markets after disappointing results
A Staffordshire foundry group endured a tough day on the markets after revealing a decline in full year revenue and profits.
Shares in Brownhills-based Castings closed down almost 4% after a lacklustre response to its full year performance.
Group revenues decreased by 10.3% to £118.8m (2016: £132.4m), of which 72% was exported (2016: 67%). The ending of a major automotive supply contract at the end of the previous year impacted sales.
The revenue from the group’s foundry operations to external customers decreased 2.5% to ... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
