AGM Statement

RNS Number : 3525K

Chamberlin PLC

14 July 2011

 



AIM: CMH

14 July 2011

CHAMBERLIN plc

("Chamberlin" or "the Group")

AGM Statement

Chamberlin, the specialist foundry and engineering group, will be holding its Annual General Meeting today. At the meeting, Chairman, Tom Brown, will provide the following update on current trading,

"As we previously reported, the financial year ending 31 March 2011 marked a turning point for Chamberlin, with the Group returning to profitability and recommencing the payment of dividends. 

I am today pleased to confirm that the new financial year has started well, with results for the first quarter in line with expectations.

Demand for our castings continues to strengthen and our light casting foundry at Walsall is now operating at above pre-recession levels as is our heavy castings foundry at Scunthorpe - which moved above pre-recession levels in the fourth quarter of the last financial year.  Our Leicester foundry, producing mid-size castings with complex metallurgy, is seeing slower volume growth but the recovery trend also looks firm.

Chamberlin's engineering operations, which account for approximately 20% of revenues, are performing satisfactorily.  The integration of assets and intellectual property of Jebron Ltd, the door closer manufacturer acquired in February 2011, with our existing emergency exit hardware business is progressing according to plan. 

The Group continues to generate good cash flows.  The balance sheet was strengthened further by the share placing announced on 7 July 2011, which raised approximately £500,000.  This leaves the Group well placed to fund growth, including appropriate acquisitions, in line with our strategy. 

The Board remains confident that Chamberlin will perform in line with expectations this year and with Chamberlin's output linked to global demand for engineered products we believe that long term trends favour the Group."

For further information, please contact:

Chamberlin plc		T: 01922 707100
Tim Hair, Chief Executive
Mark Bache, Finance Director
Charles Stanley Securities (Nominated Adviser)		T: 020 7149 6000
Russell Cook / Luke Webster
Biddicks		T: 020 3178 6378
Katie Tzouliadis / Sophie Lane

 

END

 

 

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