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Brokers queue up to praise Chamberlin

Tue, 22nd May 2012 13:05

Engineering firm Chamberlin said revenue and earnings are now at higher levels than they were before the recession bit in the last decade.Exports drove revenue growth, with turnover up 14% to £45.5m in the year to March 31st from £39.8m the year before. That was a shade below the £46m expected by the market, but underlying profit before tax, at £1.7m, was ahead of expectations of £1.6m, and more than double the £0.8m achieved the year before. As profits doubled, net debt almost halved to £1.6m at the end of March from £2.9m the year before.The group saw growth across all of its foundries, and that trend is expected to continue. Around 70% of sales are now for overseas markets and the group's tighter focus on the more technically complex end of the market is clearly boosting Britain's reputation for engineering excellence."This approach has delivered a strong foundation on which to build and our strategy for the future will focus on growing both top and bottom line by offering top class technology which is valued by our customers," said Chairman Keith Butler-Wheelhouse. "We anticipate that growth will be achieved both organically and by acquisition and we will continue to explore opportunities which would be a logical extension to the group," he added.Broker Northland Capital Partners described the results as "strong" and notes that the shares trade on eight times projected fiscal 2013 earnings (prior to any adjustments in the light of the release of the fiscal 2012 results). House broker Charles Stanley says the shares are still too cheap, with the company well placed for growth."Chamberlin's Walsall foundry produces small castings with complex geometries and a key market for the business is bearing housings for turbochargers. This market is expected to grow very strongly as manufacturers increasingly use pressure charging in downsized engines to meet CO2 targets. Furthermore, business continues to grow with recently won IHI as the full product family is brought on stream. New turbocharger products are being worked on and management are targeting other established OEMs [original equipment manufacturers] and new entrants to gain further market share," said Charles Stanley analyst Richard Hickinbotham.finnCap also rates the shares a "buy", after figures came in ahead of its forecasts. "Both divisions performed well with the Foundries division increasing EBIT [earnings before interest and tax] by 55% and the Engineering division by 50% with both delivering material margin enhancement," notes finnCap analyst Mark Paddon.A re-rating is overdue, in Paddon's view, with the group sitting on a 30% discount to its closest quoted peer, Castings, on both a price/earnngs ratio basis and also an enterprise value/EBITDa (EBIT plus depreciation and amortisation) basis.The final dividend has been doubled to 2p, taking the full year dividend up to 3p from 1p the year before, and well ahead of the 2.5p expected by the market. The shares rose 13p to 153p in afternoon trading, JH

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9 Sep 2013 12:10

DIRECTOR DEALINGS - Chamberlin Finance Director Buys 5K Shares

13 Aug 2013 16:22

Int'l Personal Finance FD sells shares

David Broadbent, the Finance Director of home credit firm International Personal Finance (IPF), has sold a small stake in the firm after exercising options. Broadbent, who has been in his position since 2007, exercised a total of 65,575 share options under the company's share option plan and perfor

18 Jul 2013 08:41

Profit warning sends Chamberlin shares tumbling

Shares in Chamberlin plummeted after the engineering and foundry group warned full year profits would be materially below expectations. It said the first half of the financial year had been "tough" especially at its foundries in Leicester and Scunthorpe after an expected recovery in demand in their

18 Jul 2013 08:40

STOCKS NEWS EUROPE-UK small caps underperform blue-chips

The FTSE Small Caps Index is up 0.1 percent in early session trading while the FTSE Aim All-Share Index is flat, with both underperforming a 0.3 percent rise in the blue-chip FTSE 100 index while the FTSE 250 mid-cap index is up by 0.3 percent. Chamberlin, a specialist foundry and engineeri

26 Apr 2013 13:02

Engineering group Chamberlin advances on positive trading update

Chamberlin, the AIM-listed specialist foundry and engineering group, expects to deliver pre-tax profits for the full year in line with current market expectations of approximately 1.3m pounds. In an update on trading for the financial year to March 31st, ahead of its financial results which are due

28 Jan 2013 08:01

Chamberlin warns on full year profit

Shares of engineering firm Chamberlin sank after it warned pre-tax profits are expected to come in below current market forecasts for the full year as market conditions in several of is sectors softened materially. "At half year results, we reported that there were uncertainties to the general econ

10 Dec 2012 16:25

Chamberlin Chairman invests 75k

Castings and engineering group Chamberlin announced on Monday that its Chairman has topped up his stake in the company twice over the couple of weeks. Keith Butler-Wheelhouse acquired a total of 44,500 Chamberlin ordinary shares through his family trust, BW Family Limited (BWFL), representing 0.56%

27 Jul 2012 15:50

Synergy CEO stocks up as Q1 growth limited by currency

Dr Richard Steeves, the Chief Executive Officer of Synergy Health, a provider of outsourced sterilisation services, bought himself a round of shares on the same day the firm admitted headline growth in the first quarter had been held back by currency translation with the devaluation of the euro. T

12 Jul 2012 15:54

Small caps round-up: Biome, Ceramic Fuel Cells, Chamerlin

Technology group Biome has seen significant positive developments in the patent litigation cases currently being heard against its joint venture company, Biotec. The claims, which are being made by Italian company Novamont, are for infringement of the French and Italian designations of a number of N

22 May 2012 09:26

Tuesday broker round-up - UPDATE

Chamberlin: Charles Stanley maintains buy rating and 175p target. easyJet: Investec upgrades from hold to buy, target hiked from 500p to 670p. HomeServe: Charles Stanley cuts target from 290p to 250p, rating under review; Jefferies maintains underperform rating and 195p target. Inmarsat: UBS cut

29 Nov 2011 09:15

Tuesday broker round-up - UPDATE

Senior: Credit Suisse keeps at neutral, raises target to 175p from 165p. Icap: Credit Suisse keeps at outperform, lowers target to 420p from 510p. G4S: HSBC upgrades to overweight from neutral. Rio Tinto: UBS cuts target from 6,000p to 5,650p, buy rating kept [28 November]. BP: Nomura keeps neut

29 Nov 2011 08:36

London open: Miners and banks prove a drag

Investors are generally holding their fire ahead of this afternoon's Autumn statement from the Chancellor of the Exchequer, George Osborne. The Footsie gives back a few of the gains made yesterday, largely as a result of the weakness of miners, while banks are also off the boil. PUTTING ON A SHOW

29 Nov 2011 08:23

Chamberlin revenue jumps 25%

Specialist castings and engineering group Chamberlin said half yearly revenue rose by a quarter and it expects full year results to be in line with current market forecasts. Revenues rose to £23m for six months ended 30 September 2011 from £18.3m a year earlier. The maker of safety and security pr

11 Oct 2011 07:32

Chamberlin on track for full year

Castings and engineering group Chamberlin said trading in the first half of the financial year has been in line with management forecasts. The group, which makes metal products such as door handles and steering wheel components, said order flow across core foundry activities has reflected predicte

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