Last checked at 12 Apr 2018 07:00
AIM: CMH
12 April 2018
CHAMBERLIN plc
("Chamberlin" or "the Company")
Trading Update
Chamberlin, the specialist castings and engineering group, is pleased to provide an update on trading for the financial year to 31 March 2018.
As expected, the Company delivered a significantly improved second half performance, reflecting the progress made towards resolving the technical problems at the new machine shop. Underlying earnings before interest and tax ("EBIT") have moved from a loss in the first half to a profit in the second half, and EBIT for the full year is expected to be approximately £0.4m, which is ahead of current market expectations. Revenues in the second half were 10% higher than in the first half, and are expected to total £37.7m for the year, an increase of 17% over the last financial year (2017: £32.1m).
The technical issues at the Company's new machining facility continue to improve, and production of petrol engine turbo charger components at the Walsall foundry is progressively increasing, in line with strong demand. New products for machining are also being introduced.
The Board intends to publish the Company's preliminary results in early June 2018, when a further update on current trading will be also be provided.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Enquiries
Chamberlin plc (www.chamberlin.co.uk) Kevin Nolan, Chief Executive David Roberts, Finance Director | T: 01922 707100
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Smith & Williamson (Nominated Adviser and Broker) Russell Cook/Katy Birkin | T: 020 7131 4000 | |
KTZ Communications (Financial PR) Katie Tzouliadis/Emma Pearson | T: 020 3178 6378 |