PwC was appointed as auditors of Castings back in 2017 however decided to resign from the position with effect on the 24 January. Mazars appointment will be subject to a vote at the company’s next AGM.
As required by section 519 of the Companies Act 2006, PwC deposited a statement with the company confirming that “there are no circumstances in connection with its resignation as auditor that should be brought to the attention of the company’s shareholders and the reason for the resignation being the result of a tender process”.
In its latest half-year results Castings reported sales of £73.1m, up from £68.3m with profit before tax of £7.34m compared with £5.7m in 2018.
In a statement to the London Stock Exchange Castings said: “Castings plc announces that following a competitive tender process PricewaterhouseCoopers have resigned as the Company’s auditor with effect from 24 January 2020.
“The company has appointed Mazars to fill the vacancy for the financial year ending 31 March 2020. The company intends to put the appointment of Mazars as auditor to a vote of shareholders at the company’s next Annual General Meeting. The board wish to thank PwC for its services and support over the past three years.”