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Iron casting and machining group Castings warned on performance after second-quarter profit and revenue took a hit from raw material shortages amid ongoing global supply chain disruptions.
While the underlying demand for heavy trucks remained 'very strong,' the current conversion rate of forward schedules to actual sales was 'significantly' below expectations, the company said.
'Raw material shortages (particularly in respect of semiconductors) are preventing the OEMs building trucks at the rate required to satisfy the high demand,' it added.
'As a result of the above, group revenue and profits have been negatively impacted in the second quarter of the financial year.'