Category: Market News

CML Microsystems (LSE:CML) reported lower revenue for the year but highlighted a significant improvement in trading during the second half as customer inventory levels normalised and supply conditions improved. While profitability remained under pressure, the company strengthened its balance sheet, increased cash reserves and maintained its dividend, reflecting confidence in its long-term prospects.

Second-Half Recovery Supports Performance

For the year, revenue declined to £20.45 million from £22.90 million in the previous period, while gross profit eased to £12.89 million.

The group recorded a small pre-tax loss of £0.07 million, reflecting the impact of softer demand earlier in the year. However, management reported a noticeable recovery in the second half as customers resumed ordering patterns and product availability improved across key markets.

The stronger finish to the year provides a more encouraging backdrop heading into the new financial period.

Balance Sheet Strength Continues

Despite the decline in earnings, CML ended the year with a stronger financial position.

Cash balances increased to £12.8 million, while net assets rose to £51.45 million. The board also maintained the total annual dividend at 11 pence per share, signalling confidence in the company’s financial resilience and future cash-generating potential.

Management noted that recent asset disposals have further enhanced balance sheet strength and provided additional flexibility to support future growth initiatives.

Strategic Transformation Completed

During the year, CML completed its transition into a focused communications semiconductor business, sharpening its strategy around four key end markets.

The company continued investing heavily in product development, allocating £5.5 million to research and development as it expanded its portfolio of RF and microwave technologies.

Management believes this focused approach positions the business to capitalise on opportunities in communications infrastructure, industrial connectivity and other specialist semiconductor applications.

Long-Term GNSS Agreement Provides Growth Platform

One of the most significant developments during the year was the signing of a 12-year design and supply agreement with a leading industrial GNSS manufacturer.

The contract is expected to generate revenue of more than US$30 million over its lifetime and represents a major endorsement of CML’s technology capabilities. Management believes the agreement, combined with ongoing product development and a stronger balance sheet, provides a solid foundation for renewed revenue growth in the coming year.

Outlook Balances Growth Opportunities and Near-Term Challenges

The company continues to face challenges from weaker recent financial performance, including lower revenue, reduced profitability and a sharp decline in free cash flow generation.

Technical indicators also remain subdued, with the shares trading below key moving averages and momentum measures remaining negative. However, valuation metrics appear attractive, supported by a relatively low earnings multiple, a strong dividend yield and a debt-free balance sheet.

Management remains focused on converting its strengthened market position and long-term customer agreements into sustainable growth.

More About CML Microsystems

CML Microsystems is a UK-based semiconductor company specialising in mixed-signal, RF and microwave technologies for communications markets worldwide.

The company serves industrial and commercial customers across sectors including telecommunications, private wireless networks and the industrial internet of things. Operating through a combination of outsourced manufacturing and in-house testing facilities in the UK, Asia and the United States, CML focuses on specialised markets characterised by strong growth potential and high barriers to entry.

80 Mile Plc (LSE:80M) has secured important regulatory protections for its hydrocarbon interests in Greenland while progressing exploration, drilling and renewable energy initiatives across its portfolio. The company said recent clarification from Greenlandic authorities safeguards its licence position in the Jameson Land Basin and supports the next phase of development activity ahead of planned drilling later this year.

Regulatory Clarity Reinforces Jameson Land Position

The updated guidance confirms that third-party licences cannot overlap 80 Mile’s existing hydrocarbon concessions in the Jameson Land Basin. The clarification also preserves the company’s exclusive right to apply for licences covering associated minerals and industrial gases within its project areas.

The development strengthens the legal and strategic foundation of the project as preparations continue for the basin’s first drilling campaign under the current ownership structure.

Supported by Greenland Energy’s US$70 million financing package, the project has also progressed through the signing of drilling and service agreements. Subject to final regulatory approvals, the company expects to spud its first wells during the second half of 2026.

Disko-Nuussuaq Drilling Programme Set to Begin

Elsewhere in Greenland, 80 Mile is preparing to launch a fully funded drilling campaign at its Disko-Nuussuaq critical minerals project.

Drilling rigs are being mobilised ahead of a planned 5,000-metre programme scheduled to commence in early July. The work is being funded through United States Future Minerals’ US$30 million earn-in arrangement, under which 80 Mile retains a 49% free-carried interest throughout the current phase of exploration.

Management believes the programme could further unlock the potential of the district, which is prospective for nickel, copper, cobalt and platinum group elements.

Italian Biorefinery Approaches Operational Readiness

The company also reported progress in Italy, where construction of the Greenswitch biodiesel facility is nearing completion.

The plant is designed to process up to 199,000 tonnes per year and is expected to help address a supply shortfall in Italy’s biofuel market. Management believes the facility is well positioned to benefit from European renewable fuel policies and the advantages available to domestic producers under existing regulatory frameworks.

The project forms a key part of the company’s strategy to diversify beyond exploration and establish exposure to renewable energy markets.

Financial Profile Remains a Consideration

Despite operational progress across multiple projects, 80 Mile remains a pre-revenue business and continues to report losses and negative cash flow.

While debt levels remain relatively low, ongoing development expenditure increases the potential need for future funding, creating dilution risk for shareholders. Technical indicators remain supportive, with the shares benefiting from positive momentum and a strong underlying trend, although overbought conditions suggest some caution may be warranted.

Valuation remains difficult to assess using conventional measures given the absence of earnings and dividend income.

More About 80 Mile Plc

80 Mile Plc is a diversified exploration and development company with interests spanning hydrocarbons, critical minerals, industrial gases and renewable fuels. The company is listed on AIM, the Frankfurt Stock Exchange and the U.S. OTC market.

Its principal assets include the Jameson Land Basin gas and liquids project and the Disko-Nuussuaq nickel-copper-cobalt-PGE district in Greenland, alongside the Greenswitch biodiesel refinery in southern Italy. Through this portfolio, 80 Mile aims to provide exposure to energy transition materials, conventional energy resources and renewable fuel production.

PZ Cussons (LSE:PZC) has upgraded its profit outlook for the year ended 31 May 2026 after delivering strong trading across its core markets. The consumer goods group expects like-for-like revenue growth of around 6%, taking annual sales to approximately £540 million, supported by broad-based progress across its key geographic regions.

Revenue Growth Driven by Core Markets

The company reported positive momentum across its four principal markets, helping to underpin stronger-than-expected financial performance during the year.

Management noted that efforts to improve operational resilience have continued to support the business, including actions designed to mitigate economic volatility in Nigeria. The group also remains alert to potential supply chain and cost pressures arising from ongoing tensions in the Middle East.

Despite these external challenges, trading has remained robust throughout the period.

Profit Guidance Upgraded

Reflecting the strength of recent performance, PZ Cussons has increased its full-year adjusted operating profit expectations.

The company now expects adjusted operating profit to be at or slightly above the upper end of its previously guided range of £53 million to £57 million. This compares with an earlier forecast of between £48 million and £53 million.

Management said the upgrade reflects both strong underlying trading and the stabilisation of the Nigerian naira, which has helped reduce some of the foreign exchange pressures experienced in recent periods.

Significant Reduction in Net Debt

PZ Cussons also expects to report a substantial improvement in its balance sheet position.

Net debt is forecast to fall below £30 million by year-end, representing a reduction of more than £80 million compared with 2025 levels. The improvement has been driven primarily by the disposal of the group’s 50% interest in the PZ Wilmar joint venture.

The stronger financial position provides increased flexibility as the company continues to execute its strategic priorities ahead of reporting full-year results on 6 August 2026.

Outlook Supported by Trading Strength and Deleveraging

The company’s outlook benefits from improving operational performance, upgraded earnings guidance and a significantly reduced debt burden.

Technical indicators remain supportive, with the shares continuing to trade in an established upward trend, although momentum measures suggest recent gains may have become stretched. Valuation metrics present a mixed picture, with a strong dividend yield offset by a negative price-to-earnings ratio.

Investors are likely to remain focused on execution during the second half, as well as potential foreign exchange volatility and broader macroeconomic pressures.

More About PZ Cussons

PZ Cussons is a Manchester-based consumer goods company with operations spanning personal care, home care and baby care categories. The group employs around 2,000 people globally and operates across its core markets of the UK, Australia and New Zealand, Nigeria and Indonesia.

Its portfolio includes a range of well-known brands such as Carex, Childs Farm, Cussons Baby, Imperial Leather, Morning Fresh, Original Source, Premier, Sanctuary Spa, Stella and St.Tropez, serving consumers across multiple international markets.

Cadence Minerals (LSE:KDNC) has reached another milestone in the restart of the Azteca processing plant at the Amapá Iron Ore Project in Brazil, with mobilisation activities completed and refurbishment work now under way across critical plant infrastructure. The programme remains on schedule, with management targeting operational readiness by the end of August 2026, subject to the receipt of the required Operating Licence before commercial production can commence.

Refurbishment Programme Advances on Schedule

Work is progressing across a range of mechanical, structural and electrical systems as part of the Azteca restart initiative.

According to management, there have been no significant delays to the schedule, with activities moving from detailed inspections and equipment refurbishment into key electrical installation work that forms part of the project’s critical path.

The company believes maintaining progress on these activities is essential to achieving its targeted commissioning timeline later this year.

Azteca Seen as First Step in Broader Development Plan

The Azteca operation is designed to serve as the initial production phase of the wider Amapá Iron Ore Project strategy.

Once operational, the facility is expected to process tailings material and produce approximately 380,000 tonnes per year of high-grade iron ore concentrate. Management expects the project to generate early cash flow that can be reinvested into the broader development of the Amapá asset.

Cadence currently holds a 36.2% interest in the project and views the Azteca restart as an important step toward unlocking value from the wider iron ore operation.

Financial and Market Considerations

While operational progress remains encouraging, the company continues to face challenges associated with its financial profile. Cadence has reported losses over multiple years, alongside declining revenue trends and ongoing negative free cash flow.

These factors are partly offset by a relatively low level of debt, which provides some balance sheet strength as development activities continue.

From a market perspective, technical indicators remain supportive, with the shares trading above key moving averages and maintaining positive momentum. However, valuation metrics remain difficult to justify using conventional measures given the absence of earnings and dividend support.

More About Cadence Minerals

Cadence Minerals is a UK-listed mining investment and development company with interests in a range of mineral assets, including a significant stake in Brazil’s Amapá Iron Ore Project.

The Amapá operation comprises an integrated mining, beneficiation, rail and port infrastructure network and is being developed to supply high-grade direct reduction iron ore concentrate to global steel producers. Through its 36.2% interest, Cadence is seeking exposure to the growing demand for premium-quality iron ore products used in lower-carbon steelmaking processes.

Tandem Group plc (LSE:TND) said trading remains in line with expectations for the year ending 31 December 2026, with sales for the first five months of the year running ahead of the prior period despite ongoing economic and geopolitical challenges. Group revenue to 31 May was 2% higher year-on-year, supported by strong performances in the bicycles and Home & Garden divisions.

Bicycle Division Delivers Strong Growth

Bicycles continued to be a major contributor to growth, with sales increasing 8% compared with the same period last year.

Management highlighted particularly strong demand for value-focused electric bikes, supported by new product introductions and the company’s continued expansion into European markets. The Squish children’s bicycle brand also contributed positively as Tandem broadened its international reach.

The company believes its growing presence in the e-bike segment positions it well to benefit from ongoing consumer demand for affordable mobility solutions.

Home & Garden Performance Accelerates

The Home & Garden division delivered the strongest growth across the group, with sales rising 37% year-on-year.

Demand was particularly robust for outdoor living products, garden storage solutions and cooling equipment. The division also benefited from the introduction of new product categories, including outdoor heating, pet beds and home décor ranges.

Improved website functionality and digital enhancements have helped increase customer engagement and conversion rates, providing additional support for sales growth.

Second-Half Improvement Expected in Other Divisions

Trading conditions remained more challenging within Toys, Sports and Leisure, where sales were 17% lower than the previous year. Golf revenues also declined by 2%.

Despite these softer performances, management remains optimistic about the second half of the year. Expectations are supported by improved FOB shipment timing, a greater contribution from higher-margin domestic business, and the launch of new pan-European and global licensing agreements.

The company also expects growing international demand for golf-related products to provide additional support as the year progresses.

Outlook Supported by Improving Financial Performance

Tandem’s outlook continues to benefit from an improving financial profile, including a return to profitability, stronger cash generation and relatively low leverage.

However, management acknowledges that margins remain relatively modest and that earnings have been volatile over recent years. Market indicators present a mixed picture, with recent share price strength offset by stretched momentum readings and weaker technical signals.

Valuation remains difficult to assess using traditional earnings metrics due to the company’s negative price-to-earnings ratio and the absence of a meaningful dividend yield.

More About Tandem Group plc

Tandem Group plc is a UK consumer products company operating across bicycles, electric bikes, toys, sports and leisure products, and Home & Garden categories.

The group distributes products through independent retailers, major national chains and online sales channels. In recent years, it has expanded its international footprint, particularly in Europe and the Middle East, while increasing its focus on value-oriented electric bikes and licensed consumer brands.

Oxford Metrics (LSE:OMG) reported higher revenue for the six months ended 31 March 2026 as growth in its Motion Capture business and improved gross margins helped support progress against its strategic objectives. The technology group also maintained a strong cash position while continuing to invest in operational improvements and business integration initiatives.

Motion Capture Growth Offsets Softer Metrology Performance

Interim revenue increased by 3% to £20.7 million, supported primarily by a 10% rise in Motion Capture sales. The division continued to benefit from demand across its core markets, contributing to overall top-line growth during the period.

Revenue within the Vision Metrology business was lower year-on-year, largely due to the timing of project deliveries rather than underlying market conditions. Despite this, the group achieved stronger gross margins and reported a reduction in adjusted EBIT losses compared with the prior period.

Integration and Efficiency Measures Continue

Oxford Metrics continued to execute its strategy of simplifying operations and improving profitability through greater scale and efficiency.

During the period, acquired businesses were integrated into the newly established Industrial Vision and Metrology Systems platform, creating a more unified structure across the group’s industrial technology activities.

Management also progressed property rationalisation and broader cost optimisation programmes as part of efforts to improve operating leverage and support future margin expansion.

Focus on Recurring Revenue and Long-Term Growth

Alongside operational improvements, the company has refined its capital allocation strategy to support sustainable long-term growth.

Management remains focused on increasing recurring revenue streams, enhancing profitability and scaling the business across its target markets. Full-year revenue guidance for FY26 remains unchanged at approximately £56 million.

Looking further ahead, Oxford Metrics continues to target a doubling of group revenue over the medium term while aiming to achieve adjusted EBIT margins in the mid-teens.

Strong Balance Sheet Supports Outlook

The group ended the reporting period with cash balances of £31.7 million despite shareholder returns through dividends and share buybacks, highlighting the strength of its financial position.

While profitability remains a work in progress, Oxford Metrics benefits from supportive share price momentum and a solid balance sheet. The dividend yield also provides additional support for investors, although conventional valuation measures remain constrained by the company’s negative earnings position.

More About Oxford Metrics

Oxford Metrics is a UK-listed technology company specialising in smart sensing, motion capture and precision measurement solutions. The group serves customers across life sciences, engineering, entertainment, manufacturing and industrial markets worldwide.

Founded in 1984, the company has developed leading positions in motion capture technology and high-accuracy vision inspection and metrology systems. Its products are used by thousands of customers across more than 70 countries, supporting applications ranging from scientific research and healthcare to industrial quality control and digital content creation.

GEO Exploration Limited (LSE:GEO) has announced encouraging early results from airborne geophysical surveys conducted across its Gorge Project in Western Australia, identifying a new high-priority magnetic target known as MAG001 and refining a prospective gold-bearing corridor extending for approximately five kilometres. The findings are expected to support target generation ahead of the company’s planned maiden drilling programme, which remains subject to permitting approvals.

Geophysical Surveys Enhance Geological Understanding

The exploration campaign combined high-resolution LiDAR data, aerial imagery, magnetic surveys and radiometric measurements to build a more detailed picture of the project area.

Analysis of the data has highlighted MAG001 as a significant new exploration target, while also improving the interpretation of a broad zone of historical gold mineralisation. Management now believes the mineralised trend may form part of a larger structural corridor with potential to host additional gold discoveries.

The survey results have also identified two uranium anomalies located close to the interpreted gold trend, adding a further dimension to the project’s exploration potential.

New Data Supports Target Generation Strategy

According to the company, the enhanced datasets have significantly improved mapping of historical workings and surface geological features across the project area.

This additional information is helping GEO develop a better understanding of the structural controls and hydrothermal systems that may have influenced mineralisation. Such insights are expected to play an important role in refining exploration targets and directing future drilling activities.

Further Technical Work Under Way

To advance the project, GEO has engaged specialist consultants to undertake detailed litho-structural interpretation of the newly acquired datasets.

The company plans to combine this work with future soil geochemistry programmes and field mapping activities to rank and prioritise exploration targets. Management believes this integrated approach will strengthen the overall exploration model and improve the efficiency of future drilling campaigns.

With several prospective targets now identified, GEO is working towards establishing a robust pipeline of opportunities across the Gorge Project and enhancing its exposure to both gold and uranium exploration in Western Australia.

More About GEO Exploration Limited

GEO Exploration Limited is an AIM-listed mineral exploration company focused on identifying and developing gold and uranium opportunities in Western Australia.

The company employs a range of advanced exploration technologies, including LiDAR, magnetic and radiometric surveys, to generate and refine targets across its portfolio. Its principal assets include the Gorge and Juno projects, where ongoing exploration programmes are aimed at unlocking new mineral discoveries.

Tritax Big Box REIT (LSE:BBOX) has entered into a development management agreement with Tritax Management LLP to advance a planned 125MW data centre project in Chelmsford, Essex. The scheme represents the company’s second large-scale data centre development and forms part of its broader strategy to build a significant presence in the UK digital infrastructure market.

Manager Appointed to Oversee Project Delivery

Under the agreement, Tritax Management will provide a range of services covering planning, construction management, technical power expertise and pre-leasing activities. The structure follows the model previously adopted for the company’s first major data centre project at Manor Farm near Heathrow.

Management believes the arrangement will provide the specialist expertise required to progress the project through planning, development and eventual occupation.

Fee Structure Includes Performance-Based Incentives

As part of the agreement, Tritax Management will receive approximately £3.3 million for project assembly and preparatory work already undertaken.

The manager will also be entitled to a development management fee of up to 5% of total project costs, subject to planning approval being secured. In addition, a performance-related profit-sharing mechanism has been agreed, allowing Tritax Management to receive 17.5% of project profits if the development is successfully completed and leased.

Half of any profit-share entitlement will be settled in Tritax Big Box shares, helping align the interests of management with those of shareholders.

Data Centre Ambitions Continue to Grow

The board, supported by advice from Jefferies International, concluded that the related-party arrangements are fair and reasonable for shareholders.

The Chelmsford scheme is targeting a yield on cost of between 10% and 11%, highlighting the attractive returns the company believes can be generated from data centre development. The project also reflects Tritax Big Box’s efforts to diversify beyond its traditional logistics warehouse portfolio while leveraging its growing expertise in power-intensive infrastructure projects.

Management sees data centres as a significant long-term growth opportunity alongside its established position in the UK logistics sector.

Financial and Market Outlook

The company’s outlook continues to be supported by solid operational and financial performance, although weaker free cash flow conversion during 2025 and higher debt levels remain areas of focus.

Technical indicators remain constructive, with the shares maintaining an established upward trend. Valuation metrics also appear supportive, combining a relatively modest earnings multiple with a dividend yield of around 4.6%.

Recent corporate updates have reinforced confidence in the company’s development pipeline and capital allocation strategy, although investors continue to monitor execution risks and the timing of income generation from new projects.

More About Tritax Big Box REIT

Tritax Big Box REIT plc is the UK’s largest listed owner and developer of large-scale logistics warehouses and controls the country’s most extensive logistics-focused land portfolio.

As a member of the FTSE 100, the company invests in strategically located logistics assets and development opportunities designed to generate long-term income and capital growth. In recent years, Tritax has expanded its focus beyond logistics into data centre development, using its “power first” approach to capitalise on rising demand for digital infrastructure across the UK.

Smiths News PLC (LSE:SNWS) has strengthened its position in the UK newspaper distribution market after securing a long-term agreement with News UK & Ireland that will see the company become the exclusive wholesale distributor of The Sun, The Times and The Sunday Times across Great Britain from July 2027.

The new contract extends the partnership between the two companies until July 2037 and significantly expands Smiths News’ national reach, reinforcing its role as the leading distributor of printed news publications in the UK.

Contract Expected to Deliver Significant Revenue Growth

Under the terms of the agreement, Smiths News expects the expanded distribution arrangement to contribute approximately £125 million of additional annual revenue from July 2027.

The company said implementation and transition costs associated with the expansion will be incurred during FY2027, although the contract is expected to enhance earnings from FY2028 onwards.

Management believes the agreement represents a major strategic milestone that strengthens the group’s long-term revenue visibility and supports continued growth in its core distribution business.

Expansion to Be Funded from Existing Resources

Smiths News plans to finance the required expansion of its distribution network using existing cash resources and available financing facilities.

Despite the investment required to support the enlarged operation, the company has reaffirmed its current dividend guidance, signalling confidence in its financial position and future cash generation.

In addition, Smiths News has committed to maintaining current delivery service charges for retail customers throughout the duration of the contract. The move is designed to provide cost certainty for newsagents while supporting the long-term sustainability of newspaper distribution across the UK.

Strategic Position Further Strengthened

The agreement effectively provides Smiths News with nationwide distribution coverage for News UK’s newspaper portfolio, further consolidating its leadership position within the sector.

Management believes the scale and duration of the contract will enhance operational efficiency, strengthen customer relationships and provide a solid foundation for future growth opportunities across its distribution network.

Investment Case Supported by Valuation and Momentum

The company’s outlook continues to benefit from attractive valuation metrics, including a relatively low price-to-earnings ratio and a strong dividend yield.

Technical indicators also remain supportive, suggesting positive market momentum. While financial performance is underpinned by solid cash generation and operational efficiency, investors continue to monitor leverage levels and the company’s negative equity position.

More About Smiths News PLC

Smiths News PLC is the UK’s largest newspaper and magazine wholesaler, providing early-morning distribution services to more than 22,000 retail outlets across England and Wales.

With a history spanning more than two centuries, the company distributes publications on behalf of major national and regional publishers and has expanded into adjacent markets including recycling collection services, book distribution, home entertainment logistics and broader final-mile delivery solutions. Its extensive infrastructure network supports one of the fastest physical supply chains in the UK media sector.

Castings P.L.C. (LSE:CGS) reported a modest decline in revenue for the year ended 31 March 2026 as demand across key commercial vehicle markets remained subdued. Group revenue slipped 2.1% to £173.2 million, reflecting weaker heavy truck activity in Europe and continued uncertainty in the United States. Despite these headwinds, operating profit more than doubled to £10.0 million as the company improved operational efficiency and aligned production capacity with market conditions.

Efficiency Improvements Drive Higher Profitability

The group’s foundry operations delivered a slight increase in production volumes, with output rising 1.2% to 41,500 tonnes during the year. Improved operating performance helped strengthen margins across both the foundry and machining divisions, supporting a significant increase in profitability despite lower sales.

Reflecting confidence in the business and its financial position, Castings maintained its total dividend at 18.40 pence per share.

New Capacity Investment Creates Growth Platform

A key milestone during the year was the commissioning of a new production line at the William Lee foundry. The investment is expected to increase overall group capacity by approximately 15% while also allowing the manufacture of larger and more complex castings.

The company also reported progress at its large-castings facility in Scunthorpe, which moved into profitability during the period and expanded the range of products it can supply to customers.

Management believes these developments enhance the group’s ability to support future demand growth and strengthen its competitive position within European commercial vehicle supply chains.

Demand Outlook Improves Across Multiple Markets

Looking ahead, Castings sees opportunities emerging across several sectors, including wind energy, agriculture and commercial vehicle electrification.

Although operations at William Lee experienced a temporary power supply constraint early in the current financial year, customer production schedules suggest demand could increase by between 5% and 10%. The company expects its recent capacity investments to leave it well placed to capture additional business as market conditions improve.

Strong Balance Sheet Supports Investment Case

The group’s outlook benefits from a robust balance sheet and an attractive valuation profile, supported by a relatively low earnings multiple and a strong dividend yield.

However, these positives are balanced against weaker cash generation and negative free cash flow recorded during the period, while technical indicators continue to suggest a broader bearish trend in the share price. Recent insider buying by the chief executive is viewed as a supportive signal, reflecting management confidence in the company’s prospects.

More About Castings

Castings P.L.C. is a UK engineering group specialising in iron foundry operations and precision machining. The company is a major supplier of cast components to heavy truck and commercial vehicle manufacturers, with most of its production exported to leading European original equipment manufacturers.

In addition to serving the transport sector, Castings supplies products to customers operating in wind energy, agricultural machinery and industrial markets through facilities including William Lee and Ductile Castings in Scunthorpe.