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(Alliance News) - Chamberlin PLC said Monday its interim profit and revenue fell sharply amid tough market conditions and a major restructuring at the castings maker, but was upbeat for the second half of the year.
For the six months ended September, pretax loss deepened to GBP1.8 million from GBP606,000 the year prior. This was after revenue fell to GBP12.8 million from GBP17.4 million the year before.
"The first half of the year has seen significant efforts going into the restructuring of the business as well as a drive to win new business," Chair Keith Butler-Wheelhouse said. "The restructuring is now, in the main, complete."
During the period, the AIM-listed firm undertook a major downsizing programme in order to cut costs. This saw the company cut its headcount by 28%.
"Looking ahead the board is cautiously optimistic that the lower cost base and prospective revenue gains will benefit Chamberlin over the years ahead", Butler-Wheelhouse added.
Shares in Chamberlin were untraded at 25.00 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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