Last checked at 23 Jul 2009 14:37
23rd July 2009
CHAMBERLIN PLC
("Chamberlin" or the "Group")
AGM STATEMENT
At today's AGM, Tom Brown, Chairman of Chamberlin made the following comment:
"In our Preliminary Announcement, on 4th June 2009, I commented that the Group's results for the second half of the year had been adversely impacted by a dramatic decline in activity, and that the Group's main markets had been severely distorted by de-stocking amongst its customers. I also reported that there were early signs that this de-stocking was coming to an end. The Directors are pleased to confirm that order levels in a number of our key markets for light castings have continued to improve, and we believe may now be approaching the underlying level of end-user demand.
We have, however, seen a marked softening of demand for longer lead-time products in our heavy weight foundry in Scunthorpe, and have had to take measures to adjust the capacity of this business.
Trading performance, to date, is marginally below expectations, although the full year result will continue to depend very significantly on the rate of recovery of the wider economy as experienced by our customers."
All resolutions set out in the notice of AGM dated 4 June 2009 were duly passed by shareholders.
For further information, contact details are:
Chamberlin plc
Tim Hair, Chief Executive 01922 707100
Mark Bache, Finance Director 01922 707100
Charles Stanley Securities
(Nominated Adviser)
Russell Cook/Jen Boorer 020 7149 6000