Last checked at 15 Oct 2013 07:00
AIM: CMH
CHAMBERLIN plc
("Chamberlin" or the "Group")
Trading Update
Chamberlin (CMH.L), the specialist foundry and engineering group, announces that following the appointment of the new executive management team last month, a review of Chamberlin's financial forecasts for the year to 31 March 2014 has been undertaken especially in light of the difficult current trading conditions announced previously. Accordingly, the Group today is providing revised guidance on the expected outcome for the year, with management anticipating that the Group will now report a loss before tax for the year to 31 March 2014.
Trading since the beginning of the new financial year has been tough, especially for the Group's medium and heavy castings foundries at Leicester and Scunthorpe. Both foundries have continued to see a slowdown and these sites are expected to generate an operating loss for the current financial year. The foundry at Walsall is performing in line with management forecasts, with turbocharger activity at expected levels. In addition, the Group's engineering businesses are also trading at or above management forecasts.
Management is evaluating the necessary remedial actions to return the Leicester and Scunthorpe operations to profitability and a further update will be provided when the Group reports its half year results on 26 November 2013.
Enquiries
Chamberlin plc Kevin Nolan, Chief Executive David Roberts, Finance Director |
| T: 01922 707100
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Charles Stanley Securities (Nominated Adviser and Broker) Russell Cook / Carl Holmes |
| T: 020 7149 6000 |
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Biddicks (Financial PR) Katie Tzouliadis |
| T: 020 3178 6378 |