Last checked at 15 Dec 2023 07:00
15 December 2023
Chamberlin plc
("Chamberlin", the "Company" or the "Group")
Corporate Update
Chamberlin plc (AIM: CMH.L), the specialist castings and engineering group, announces the following corporate update in relation to Russell Ductile Castings, the Group's Scunthorpe based foundry ("RDC").
RDC, the UK's leading provider of large, technically challenging Cast Iron products, is pleased to report that its commercial strategy to position itself as a key supplier to the renewable offshore energy market is driving new levels of growth for the business. November 2023 saw RDC receive its highest level of monthly order intake on record, exceeding £1.85 million for the first time - primarily due to new order awards in the renewables sector. This included significant contract wins from Tekmar and First Subsea.
Pleasingly, RDC's new leadership team has introduced a higher level of focus on the commercial development of the business and as a result has successfully secured no less than 5 new key customers for the business - underpinning a current order book of around £4.0 million. These prestigious new customers, including Volvo, Nissan, JCB, Tekmar and Steel Dynamics, demonstrate the excellent work by the team at RDC and the high level of faith these customers have in RDC's capabilities, quality and technical expertise.
This order intake is included in management's expectations of performance for FY24 and further adds to the Company's strong order book, supporting the anticipated increase in revenue growth and profit after tax in FY24.
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