LONDON (Alliance News) - Chamberlin PLC Tuesday said a significant improvement in its performance led to reduced losses in the second-half of its recent financial, as it swung to a full-year pretax loss for the full year.
Chamberlin said it expects to return to profitability in financial year 2015, as its new management team, spearheaded by Chief Executive Kevin Nolan and Finance Director David Roberts, aim to return to profitability the company's Leicester and Scunthorpe foundry operations, while reviewing its overall cost base and growth plans. Chamberlin also said there is further scope to reduce costs and improve productivity.
In a statement, Chamberlin said it made a GBP2.1 million pretax loss in the year ended March 31, compared with a GBP800,000 pretax profit a year earlier. Revenue fell to GBP38.6 million, from GBP42.3 million. While foundry revenues were down 14% year-on-year, they have stabilised, according to Chamberlin, with second-half revenues down 3% on the first-half. The engineering businesses, which accounted for 25% of group sales, delivered revenue growth of 12%. Operating expenses increased to GBP8.0 million, from GBP7.1 million.
"We start the new financial year in a significantly better position than the last and while there are still challenges, we look forward to the group returning to sustained profitable growth ahead of our original plans," Chairman Keith Butler-Wheelhouse said in a statement.
Chamberlin suspended dividend payments at the half-year.
Chamberlin shares were Tuesday quoted at 75.00 pence, up 3.5%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Chamberlin Plc (CMH)