(Alliance News) - Chamberlin PLC on Friday said the business had benefitted from high orders, new clients and an increased focus on commercial development.
The West-Midlands-based engineering group reported that it had experienced "new levels of growth",
after positioning itself as a "key supplier to the offshore energy market".
Russell Ductile Castings, the group's Scunthorpe-based foundry, received record monthly order intake in November, exceeding GBP1.9 million. This was primarily thanks to new orders awards in the renewables sector, including contract wins from Tekmar Group PLC and First Subsea Ltd.
RDC has also secured five new customers thanks to an increased focus on the business's commercial development, including Volvo, Nissan, JCB, Tekmar and Steel Dynamics Inc. These underpin a current orderbook of some GBP4.0 million.
The group has said this new intake "further adds to the company's strong order book, supporting the anticipated increase in revenue growth and profit after tax in full-year 2024".
Chamberlin shares were up 17% at 2.92 pence each in London on Friday morning.
By Hugh Cameron, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Chamberlin Plc (CMH)
Tekmar Group P. (TGP)