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23 Nov 2020 07:00
23 November 2020
Chamberlin plc
("Chamberlin" or the "Company")
Trading Update
Chamberlin plc (AIM: CMH.L), the specialist castings and engineering group, announced on 29 September 2020 that production levels at the Company's two foundries remained at or above pre-Covid-19 levels, and this continues to be the case. Trading at Petrel was below normal sales levels but is improving.
The Company's machine shop has been experiencing volatile demand due to Brexit, Covid-19 and customer safety stock building. The customer of the largest contract representing approximately 75% of the machine shop's output has informed Chamberlin of an earlier transition to the next product evolution which has been awarded to another supplier. Ongoing customer orders are likely to be a fraction of the original contract. The Company will be pursuing a claim relating to the earlier than planned transition and in the meantime all staff in the machine shop have been furloughed.
The Company is taking further mitigating actions to reduce costs during the machine shop temporary shut down, although the financial impact cannot yet be determined.
The Company continues to explore additional manufacturing opportunities for the machining facility with existing Tier 1 customers and prospective new customers.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Enquiries
Chamberlin plc Kevin Nolan, Chief Executive Neil Davies, Finance Director | T: 01922 707100
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Cenkos Securities plc (Nominated Adviser and Broker) Russell Cook Katy Birkin | T: 020 7397 8900 |
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