Last checked at 23 Oct 2009 07:00
23 October 2009
Chamberlin plc
("Chamberlin" or "the Company")
Trading Update
The Board of Chamberlin has issued the following update on trading.
On 23rd July at our AGM we commented that, although volumes in some areas of Group activity were recovering, we were experiencing a reduction in demand for heavy castings. This pattern has continued, and although our light castings and engineering businesses are performing in line with expectations demand for heavy castings has continued to reduce. The Board therefore expects that our full year result will be below market expectations.
We believe that demand has now stabilised in most business areas. Our light castings business has recently seen a recovery in volumes and as supply to the new turbocharger customer, announced earlier this year, moves from prototype to volume production we look forward to improved results from that business. In other sectors our technical capability continues to provide a competitive edge, and we are well placed to benefit from recovery when it reaches these sectors.
In the first six months of the current financial year Chamberlin has generated modest operating cashflow and we remain within our funding limits. Although the trading environment will continue to be demanding we are confident of delivering improved results in the second half year and look forward to an improving trend through 2010. Chamberlin expects to announce its interim results for the six months to 30 September 2009 on 27 November 2009.
For further information:
Chamberlin plc T: 01922 707100
Tim Hair, Chief Executive
Mark Bache, Finance Director
Charles Stanley Securities T: 020 7149 6000
(Nominated Adviser)
Russell Cook / Jen Boorer