LONDON (Alliance News) - Chamberlin PLC said Thursday that it expects profitability for the full-year to come in "significantly above current market expectations" as it reported trading in line with management forecasts in its first quarter.
In a statement released ahead of its annual general meeting Thursday, Chairman Keith Butler-Wheelhouse said that group revenue in the first quarter has been in line and that its cost reduction programme, initiated by Chamberlin's new management team in the last quarter of 2014, is generating a "more positive outcome for the group."
"Measures to achieve further cost efficiencies are being taken which the Board anticipates will generate improved profitability for the current year significantly above current market expectations," said Butler-Wheelhouse.
Shares in Chamberlin were trading 6.4% higher at 83.00 pence per share, amongst the top gainers on AIM Thursday morning.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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Chamberlin Plc (CMH)