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Friday the 13th fears sees corporate calendar almost bare, though Castings is not spooked


It is perhaps not surprising, that after a busy week for corporate news, not many companies want to bring out any statements on Friday the 13th.

There looks to be just one exception, small-cap metals fabricator Castings PLC (LON:CGS) which is not afraid to announce its half-year results on such an inauspicious day.

In a trading update in respect of the six month period ended September 30, 2020, published on October 6, Castings noted that it reported in August that demand from the commercial vehicle sector had increased to over 60% of pre-coronavirus (COVID-19) output levels.

Forward schedules at that time were suggesting a further increase to approximately 85%, and the group said in October that its monthly demand had hit that level.

Castings added that future schedules suggested output levels moving back towards pre-COVID-19 levels during the third quarter of the financial year.

However, it pointed out that there remained uncertainty regarding the impact of Brexit and the coronavirus pandemic and, therefore, it could not forecast that the demand increase will materialise and how sustainable it might be.

In the light of the pandemic, the company said its board had focused on cash preservation during the six-month period, and noted that its balance sheet remained strong with cash levels of £35mln as of September 30, 2020.

Investors will be hoping that all of the positives have continued for the group, although in the light of another COVID-19 lockdown and the lack of progress on Brexit deals, news on current and future trading could be less optimistic, which may spook the market.

Significant events expected on Friday, November 13:

Interims: Castings PLC (LON:CGS)

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