Last checked at 16 Feb 2009 07:00
CMH
Chamberlin plc
("Chamberlin" or "the Company")
Trading Update
The Board of Chamberlin is issuing the following update on trading.
On 27 November 2008, when the Company announced its half year results, we reported that market conditions in the first two months of the second half had seen a sharp deterioration. At the time, indications from our customers were that, following a period of very low demand caused by de-stocking, we could expect demand to recover somewhat to give a reduced but stable level.
Although key customers have repeated this guidance, de-stocking is continuing and demand remains at these lower levels especially in the automotive and construction equipment sectors. As a result, we expect that results for the year to 31 March 2009 will be below market expectations.
We continue to win new business despite the downturn and, since our last update, have secured orders from an additional turbocharger manufacturer and from a number of customers in other areas including rail and defence equipment. Planned cost reductions have now been fully implemented across the group and we look forward to reporting an improving performance during the course of 2009/10.
For further information, please contact:
Chamberlin plc 01922 707100
Tim Hair, Chief Executive
Mark Bache, Finance Director
Charles Stanley Securities 020 7149 6000
Nominated Adviser
Russell Cook / Jen Boorer
Biddicks 020 7448 1000
Katie Tzouliadis