Following strong demand during the second half of the financial year, which included some customer stock building, the company expects to report final results for the year ended 31 March 2019 ahead of market expectations.
The foundries have seen improved margins during the second half with enhanced productivity and a reversal in the time lag in passing on raw material price increases. The management initiatives implemented in the machining business have started to positively impact results, particularly in the final quarter of the year, although it will still take time for these to be fully realised.