Last checked at 18 Oct 2017 07:00
AIM: CMH
18 October 2017
CHAMBERLIN plc
("Chamberlin" or "the Company" or "the Group")
Trading Update
Chamberlin, the specialist castings and engineering group, announces an update on trading for the financial year to 31 March 2018.
Revenues for the first six months of the current financial year are in line with management expectations, reflecting overall good levels of demand across the foundry and engineering businesses. However, margins within the Group's foundry businesses have been adversely affected by production issues. At the new machining facility technical difficulties have created cost inefficiencies and extended cycle times. The Company is addressing these issues and is working very closely with the machine and tooling suppliers to rectify the situation.
While management still expects Group revenues for the year to be substantially ahead of the prior year, underlying profits are now expected to be in-line year with the prior year.
The two engineering operations, Exidor and Petrel, continue to trade in line with expectations, and demand for turbo charger bearing housings, a key growth driver for the Group, continues to grow.
Results for the half year to 30 September 2017 are expected to be published towards the end of November 2017, when a further update on current trading will 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
| |
Smith & Williamson (Nominated Adviser and Broker) Russell Cook, Katy Birkin | T: 020 7131 4000 | |
KTZ Communications (Financial PR) Katie Tzouliadis, Irene Bermont-Penn, Emma Pearson | T: 020 3178 6378 |