Chamberlin PLC Operational Update (6817E)
09 Julio 2021 - 01:00AM
UK Regulatory
TIDMCMH
RNS Number : 6817E
Chamberlin PLC
09 July 2021
9 July 2021
Chamberlin plc
("Chamberlin" or the "Group")
Operational Update
Chamberlin (AIM: CMH.L), the specialist castings and engineering
group, is pleased to provide the following trading update.
Following the loss of the BorgWarner contract late last year,
and the consequential restructuring of operations and refinancing
previously announced, Chamberlin will report a loss for the
extended accounting period ended 31 May 2021. The Board is
confident that as the substantial majority of the Group's
restructuring costs and non-cash write downs will have been
accounted for in the year ended 31 May 2021, Chamberlin will be
well positioned to make a strong recovery in the new financial year
which commenced on 1 June 2021.
As previously announced, we have initiated a number of business
development initiatives at Chamberlin & Hill ("C&H") to
diversify the customer portfolio in order to reduce reliance on the
automotive sector. The main thrust of these initiatives are in the
area of new consumer products where we have technical and design
advantages where these can be sold primarily via ecommerce direct
to the consumer. We have already received considerable interest in
our growing gym equipment range and now are preparing to launch a
range of premium quality cast iron cookware for distribution across
Europe. We are pleased to be the only British foundry producing
many of these new consumer products.
The Board is pleased to report the strengthening performance of
Petrel, which is broadening its scope to include product hire and
the provision of support services for new and existing safety
lighting installations.
Russel Ductile Castings continues to outperform the Board's
expectations and the Board sees great scope for further growth and
improved profitability in the current financial year. Its growing
success is largely driven by a lack of competition in the UK
foundry industry for niche, low-volume, large capacity
castings.
With revenues now stable, costs realigned to reflect the current
operating base across the Group and exciting new potential growth
opportunities, the Board anticipates that Chamberlin will see a
return to profitability in the current financial year.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
Enquiries:
Chamberlin plc T: 01922 707100
Kevin Price, Chief Executive
Alan Tomlinson, Finance Director
Cenkos Securities plc T: 020 7397 8900
(Nominated Adviser and Joint Broker)
Katy Birkin
Stephen Keys
Peterhouse Capital Limited T: 020 7469 0930
(Joint Broker)
Peter Greensmith
Duncan Vasey
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END
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