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Chamberlin PLC - Walsall-based castings and engineering firm - Sales for financial year ended March 2020 forecast at GBP26.1 million, down from GBP33.0 million in financial 2019. This is expected to result in a GBP2.3 million pretax loss for financial 2020, narrowed from a GBP5.0 million loss the year before. No-underlying costs to be GBP900,000, contributing to loss and made up mostly of restructuring costs. Net debt at March end expected to be GBP4.6 million, down from GBP5.4 million the year before.
Sales for six month ended September 30 expected at GBP11.0 million down from GBP12.8 million the previous year. This expected to lead to GBP600,000 pretax loss, narrowed from a GBP1.8 million loss the prior year. Non-underlying costs of GBP200,000, from GBP700,000 year-on-year, contribute to loss along with Covid-19 hit in April. No Covid-19 cases among Chamberlin employees so far. Walsall factory production levels broadly in line with pre-Covid-19 activity.
Applies for and obtains two-month extension to publish its audited accounts for financial 2020, now expected late October. Gets extension to file accounts by December 31, versus previous September 30 deadline.
Chamberlin: "Despite current levels of activity in the Walsall foundry being relatively high, the outlook for a number of the key markets, particularly across the automotive sector, remains uncertain and the Board continues to believe that it is still too early to make any reasonable estimate of the financial impact on the Group during the current year and beyond. As previously reported, the Board has taken significant steps to reduce costs in line with the expected reduction in demand.
Current stock price: 14.00 pence
Year-to-date change: down 56%
By Anna Farley; annafarley@alliancenews.com
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