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Chamberlin PLC - West Midlands-based castings and engineering company - Says it is "well positioned" for recovery, anticipating a return to profit in the new financial year, after sustaining a loss in the 14 months to May 31. Adds, it has now accounted for the majority of restructuring costs and non-cash write downs.
Announces plans to diversify its customer portfolio to reduce reliance on the automotive sector. Continues initiatives to focus on new consumer products where the firm has a technical and design advantage and which can be sold online. Sees interest in growing gym equipment range and prepares to launch cast iron cookware.
Reports the strengthening performance of lighting business Petrel Ltd. Adds, iron and steel casting company, Russell Ductile Castings Ltd, continues to outperform the company's expectations, primarily due to lack of competition in the UK foundry industry for niche, low-volume, large capacity castings.
Current stock price: 10.50 pence, down 2.3% on Friday morning
Year-to-date change: up 50%
By Scarlett Butler; scarlettbutler@alliancenews.com
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