Midland engineering firm Castings has revealed a huge jump in sales as demand remained high.
Brownhills-based Castings (CGS) saw sales rise to £64 million in the six months to September 30, compared to £44.6 million in the same period the year before.
Pre-tax profit also rose by almost half, from £5.12 million in the first half of 2010 to £10.13 million.
Chairman Brian Cooke said demand improved despite tough economic conditions hitting some of the firm’s markets.
He said: “The company has enjoyed good trading conditions throughout the period and it is pleasing to report that our recent investments have made a significant contribution to the results both from the foundries and the machining business. It is encouraging that we have and are winning new business and new customers which gives us confidence for the future.
“Certain customers have reported that commercial vehicle production is reducing by 10 to 15 per cent and this has been reflected in some of our customer’s schedules. It is still very early to forecast what effect these reductions, and potentially further reductions, will have on the full year results.
“The European and world economies are very unstable and unpredictable. As in previous periods of uncertainty, the company is well prepared to react to customer’s changing demands.”
Mr Cooke said the company was continuing to invest in machining and foundry improvements and its new warehouse would be completed by January 2012.
