Half Year Results

RNS Number : 9239S

Chamberlin PLC

29 November 2011

 



CMH

CHAMBERLIN PLC

("Chamberlin" or "the Group")

Half Year Results

For the six months to 30 September 2011

Key Points

·      Revenues up 25% to £23.0m (2010: £18.3m)

·      Underlying operating profit up 379% to £841,000 (2010: £222,000)

Statutory operating profit up 419% to £796,000 (2010: £190,000)

·      Underlying profit before tax up 489% to £797,000 (2010: £163,000)

Statutory profit before tax up 780% to £710,000 (2010: £91,000) 

·      Positive operating cash flow more than doubled to £947,000 (2010: £383,000)        

·      Underlying earnings per share up by more than six times to 8.3p (2010: 1.28p)

Basic earnings per share increased to 7.5p (2010: 0.58p)

·      Interim dividend of 1.0p per share

·      Foundry activities continued to improve

-     all three foundries operating above pre-recession levels

·      Full year results anticipated to be in line with current market expectations

Chairman, Tom Brown, commented, 

"Having returned to profitability in the first half of the last financial year, I am pleased to report that Chamberlin has continued to make good progress in the first six months of the current financial year.  Underlying profit before tax has increased almost fivefold to £797,000 on revenues up by 25% to £23.0m and all three of our foundries are operating at or above pre-recession levels. 

This pleasing performance has been driven by improving demand in our established customer base, new business initiatives and operational improvements.  In addition, having returned to dividend payments at the full year, we are declaring an interim dividend.

Chamberlin's existing operations continue to make good progress and with our sound financial base we are well placed to exploit the organic growth opportunities that we continue to identify.  At the same time, we are also considering acquisitions which will expand our activities.

While uncertainties have inevitably increased due to the wider European and global economic picture, at this point in the financial year we believe that Chamberlin remains well positioned to meet current market expectations."

Enquiries

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

CHAIRMAN'S STATEMENT

Introduction

Having returned to profitability in the first half of the last financial year, I am pleased to report that Chamberlin has continued to make good progress in the first six months of the current financial year.  Underlying profit before tax has increased almost fivefold to £797,000 on revenues up by 25% to £23.0m and all three of our foundries are operating at or above pre-recession levels. 

This pleasing performance has been driven by improving demand in our established customer base, new business initiatives and operational improvements.  In addition, having returned to dividend payments at the full year, we are declaring an interim dividend.

Results

Revenues for the six months to 30 September 2011 increased by 25% to £23.0m (2010: £18.3m) supported by both improving demand from our established customer base and newly won business. Underlying operating profit rose to £841,000 (2010: £222,000) a 379% increase, and underlying profit before tax rose to £797,000 (2010: £163,000) a 489% increase. The Group has benefited from a lower effective tax rate of 20% as a result of the utilisation of prior period losses. Underlying earnings per share improved by over six times to 8.3p (2010: 1.28p).  On a statutory basis, profit before tax was £710,000 (2010: £91,000) and earnings per share were 7.5p (2010: 0.58p).

Chamberlin has consistently delivered net cash from operations and the growth in profitability has enhanced cash generation, with operating cash flow more than doubling to £947,000 (2010: £383,000). 

In July 2011 we raised £500,000 through the placing of 370,370 new ordinary shares with Diverse Income Trust plc, which is managed by MAM Funds plc, at an 8% premium to the then market price. This, coupled with the continuing improvement in cash generation from operations, resulted in a further reduction in our overdraft and net borrowings which, at 30 September 2011, were lower year on year at £2.04m (31 March 2011: £2.88m and 30 September 2010: £3.27m).  The Company's borrowings are financed by a £5.0m facility with HSBC.

Dividend

Following the continued improvement in performance, the Board has decided to pay an interim dividend of 1.0p (2010: nil).  The interim dividend will be paid on 19th December 2011 to shareholders on the register at the close of business on Friday 9th December 2011.

Operations

Our foundry operations continued to improve in the first half year and we are continuing to see the benefits of the process improvements we have been putting into place at all three foundries.   

In previous Statements, I have highlighted the developing business between our small castings foundry in Walsall, which has built a strong position in automotive turbochargers, and IHI Charging Systems International ("ICSI"), a leading producer of automotive turbochargers.  I am delighted to report that a number of parts from the ICSI product family are now in production, generating significant revenues for the Group.  The development of the remainder of the family is also on schedule.  Our long-standing supply relationship with Borg Warner for turbocharger components continues to be strong and we are currently expanding our work with the company in truck turbochargers.  EU legislation is helping to drive the trend to turbocharged petrol engines and since the Walsall foundry is one of only four specialist foundries in Europe capable of producing high quality castings at volume for turbochargers it is well positioned to supply this growing marketplace.

Our Leicester foundry, which produces mid-size iron castings with complex metallurgy, has seen significant recovery in the latter part of the first half and is running at pre-recession volumes.  We have made extensive operational improvements at Leicester to improve its cost position and as a result we believe that the foundry can now compete in areas that were previous closed to it.  We have also recently strengthened the foundry sales team and this should help to stimulate an increased contribution from the site. 

Our foundry at Scunthorpe, which specialises in heavyweight castings, continues to win new contracts and is performing better.  Increased focus on new markets has created several opportunities and we believe that there is scope for further growth in the heavy casting sector.

In our Engineering Division I am particularly pleased to report good progress at Exidor, which is the UK market leader in specialist emergency exit hardware.  In February, we announced the purchase of certain assets of a manufacturer of door closers, a product which is an ideal fit with Exidor.  Since then we have made significant progress in integrating the new products into Exidor's sales channel and transferred production of the door closers to Exidor's site at Cannock.  We anticipate that the integration will be completed on schedule before the end of this calendar year. Petrel has continued to develop its offering in the hazardous environments sector and is performing in line with expectations.

The Board

As previously announced, since I am now in my ninth year as a director of Chamberlin, I intend to step down from my position as Chairman and retire from the company in the near future.  The Nominations Committee is making good progress, with the support of our advisors, in identifying my successor and an announcement will be made in due course.

Outlook

Chamberlin's existing operations continue to make good progress and with our sound financial base we are well placed to exploit the organic growth opportunities that we continue to identify.  At the same time, we are also considering acquisitions which will expand our activities.

While uncertainties have inevitably increased due to the wider European and global economic picture, at this point in the financial year we believe that Chamberlin remains well positioned to meet current market expectations. 

Tom Brown

Chairman

Summarised Consolidated Income Statement

       for the six months ended 30 September 2011

Note		Unaudited six months ended 30 September 2011			Unaudited six months ended 30 September 2010					Year ended 31 March 2011
		Underlying	Non-underlying#	Total	Underlying	Non-underlying#	Total		Underlying		Non-underlying#	Total
		£000	£000	£000	£000	£000	£000		£000		£000	£000
Revenue		22,960	-	22,960	18,317	-	18,317		39,801		-	39,801
Cost of sales		(18,640)	-	(18,640)	(15,053)	-	(15,053)		(32,368)		-	(32,368)
Gross profit		4,320	-	4,320	3,264	-	3,264		7,433		-	7,433
Other operating expenses		(3,479)	-	(3,479)	(3,042)	-	(3,042)		(6,529)		-	(6,529)
Trading profit		841	-	841	222	-	222		904		-	904
Business reorganisation costs	7	-	-	-	-	-	-		-		(121)	(121)
Goodwill impairment	7	-	-	-					-		(202)	(202)
Share Based Payment charge		-	(45)	(45)	-	(32)	(32)		-		(73)	(73)
Operating profit/(loss)		841	(45)	796	222	(32)	190		904		(396)	508
Finance costs	3	(44)	(42)	(86)	(59)	(40)	(99)		(100)		(75)	(175)
Profit/(loss)before tax		797	(87)	710	163	(72)	91		804		(471)	333
Tax (expense)/credit	4	(165)	23	(142)	(68)	20	(48)		(305)		70	(235)
Profit/(loss) for the period from continuing operations attributable to equity holders of the parent Company		632	(64)	568	95	(52)	43		499		(401)	98
Attributable to equity holders of the parent Company				568			43					98
Earnings per share:
Basic	5			7.5p			0.58p					1.3p
Underlying	5	8.3p			1.28p				6.7p
Diluted	5			6.6p			0.54p					1.2p
Diluted underlying	5	7.4p			1.18p				6.1p

# Non- underlying items represent business reorganisation costs, goodwill impairment, net financing costs on pension obligations, share based payment costs and associated  tax impact.

Consolidated Statement of Comprehensive Income

for the six months ended 30 September 2011

		Unaudited Six months ended 30 September 2011		Unaudited Six months ended 30 September 2010		Year ended 31 March   2011
		£000		£000		£000
Profit for the period		568		43		98
Other comprehensive income
Gains on cash flow hedges taken to equity		155		31		(108)
Reclassification adjustments for cash flow hedge gains /losses included in profit or loss - (cost of sales)		129		(20)		(142)
Deferred tax on movements in fair value hedges		(70)		-		65
Actuarial losses on pension assets and liabilities		(870)		(670)		(59)
Deferred tax credit on actuarial losses		226		159		16
Movement on deferred tax on actuarial losses relating to tax rate change		(29)		-		-
Other comprehensive income for the period net of tax		(459)		(500)		(228)
Total comprehensive income for the period attributable to equity  holders of the parent Company.		109		(457)		(130)

Summarised Consolidated Balance Sheet

At 30 September 2011

		Unaudited 30 September 2011		Unaudited 30 September 2010		31 March  2011
		£000		£000		£000
Non-current assets
Property, plant and     equipment		8,046		7,855		8,170
Intangible assets		421		619		494
Deferred tax assets		984		1,029		763
		9,451		9,503		9,427
Current assets
Inventories		3,393		3,458		2,969
Trade and other receivables		9,213		7,940		9,588
		12,606		11,398		12,557
Total assets		22,057		20,901		21,984
Current liabilities
Financial liabilities		2,039		3,272		2,881
Trade and other payables		8,559		7,157		8,952
Provisions		19		11		85
		10,617		10,440		11,918
Non-current liabilities
Defined benefit pension scheme deficit		2,903		2,947		2,202
Deferred tax liabilities		87		88		85
		2,990		3,035		2,287
Total liabilities		13,607		13,475		14,205
Capital and reserves
Share capital		1,952		1,859		1,859
Share premium		1,269		862		862
Capital redemption reserve		109		109		109
Hedging reserve		29		11		(185)
Retained earnings		5,091		4,585		5,134
Total equity		8,450		7,426		7,779
Total equity and liabilities		22,057		20,901		21,984

 Consolidated Cash Flow Statement

for the six months ended 30 September 2011

		Unaudited Six months ended 30 September 2011		Unaudited Six months ended 30 September 2010		Year ended 31 March 2011
Operating activities		£000		£000		£000
Profit for the period		568		43		98
Adjustments for:
Taxation		142		48		235
Net finance costs		86		99		175
Depreciation of property, plant and equipment		631		566		1,101
Amortisation of software		52		41		63
Amortisation of development   costs		33		41		83
Goodwill impairment		-		-		202
(Profit)/loss on disposal of property plant          and  equipment		(32)		7		(20)
Share based payments		45		32		73
Pension element of finance cost		(42)		(40)		(75)
Difference between pension contributions paid and amounts recognised in the Income Statement		(108)		(89)		(223)
(Increase) / decrease in inventories		(424)		(164)		325
Decrease/ (increase)  in  receivables		375		(1,582)		(3,215)
(Decrease) / increase  in payables		(313)		1,418		2,932
Movement in provisions		(66)		(37)		37
Net cash flow from operating activities		947		383		1,791
Investing activities
Purchase of property, plant   and equipment		(517)		(168)		(1,026)
Purchase of software		(12)		(51)		(191)
Disposal of property, plant and    equipment		42		72		94
Net cash flow from investing activities		(487)		(147)		(1,123)
Financing activities
Interest paid		(44)		(59)		(100)
Proceeds from issue of share capital		500		-		-
Dividends paid		(74)		-		-
Net cash used in financing activities		382		(59)		(100)
Net increase in cash and cash equivalents		842		177		568
Cash and cash equivalents at the start of the period		(2,881)		(3,449)		(3,449)
Cash and cash equivalents at the end of the period		(2,039)		(3,272)		(2,881)
Cash and cash equivalents compromise:
Financial liabilities		(2,039)		(3,272)		(2,881)

Consolidated Statement of Changes in Equity

for the six months ended 30 September 2011

	Share capital	Capital redemption reserve	Share premium	Hedging Reserve	Retained earnings		Attributable to equity holders of the parent
	£000	£000	£000	£000		£000		£000
At 1 April 2010	1,859	109	862	-		5,028		7,858
Profit for the period	-	-	-	-		43		43
Other comprehensive income for the period net of tax	-	-	-	11		(511)		(500)
Total comprehensive income	-	-	-	11		(468)		(457)
Share based payments	-	-	-	-		25		25
At 30 September 2010	1,859	109	862	11		4,585		7,426
Profit for the period	-	-	-	-		55		55
Other comprehensive income for the period net of tax	-	-	-	(196)		468		272
Total comprehensive income	-	-	-	(196)		523		327
Share based payments	-	-	-	-		26		26
At 1 April 2011	1,859	109	862	(185)		5,134		7,779
Profit for the period	-	-	-	-		568		568
Other comprehensive income for the period net of tax	-	-	-	214		(673)		(459)
Total comprehensive income	-	-	-	214		(105)		109
Share placement	93	-	407	-		-		500
Dividends paid	-	-	-	-		(74)		(74)
Share based payments						24		24
Tax on employee share options	-	-	-	-		112		112
At 30 September 2011	1,952	109	1,269	29		5,091		8,450

Independent review report to Chamberlin plc

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2011 which comprises the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement, the Consolidated Statement of Changes in Equity and the related notes 1 to 8. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed.

Directors' Responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules issued by the London Stock Exchange which require that it is presented and prepared in a form consistent with that which will be adopted in the Company's annual financial statements having regard to the accounting standards applicable to such annual financial statements.  

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with the AIM Rules issued by the London Stock Exchange.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2011 is not prepared, in all material respects, in accordance with the accounting policies outlined in Note 1, which comply with IFRS's as adopted by the European Union and in accordance with the AIM Rules issued by the London Stock Exchange.

Ernst & Young LLP,

Birmingham

28 November 2011

Notes to the interim financial statements

1          General information and accounting policies

This Interim Financial Report is unaudited, but has been reviewed by the Company's auditor having regard to the International Standard on Review Engagements (UK & Ireland) 2410 "Review of Financial Information Performed by the Independent Auditor of the Entity", issued by the Auditing Practices Board for use in the UK. A copy of their unqualified review opinion is attached.

The interim condensed consolidated financial statements do not comprise the Group's statutory accounts as defined by section 434 of the Companies Act 2006.  Statutory accounts for the year ended 31 March 2011 were approved by the board of directors on 23 May 2011 and were filed at Companies House.  The auditors' report on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498(2) or (3) of the Companies Act 2006.  

Basis of preparation

The annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with the AIM Rules issued by the London Stock Exchange.

Accounting policies

The principal accounting policies, based on IFRS, applied in preparing the Interim Financial Statements are consistent with the policies set out in the Annual Report and Accounts for the year ended 31 March 2011. No new standards or interpretations issued since 31 March 2011 have had a material impact on the accounting of the Group

Hedge activities

At 30 September 2011 the Group held 12 foreign currency forward contracts designated as hedges of expected future sales to customers in Europe for which the Group has highly probable forecasted transactions.

                Going concern

After making appropriate enquiries, the directors consider that the Group has adequate resources to continue in operation for the foreseeable future.  In forming this view the directors have reviewed budgets and other financial information.  For this reason, they continue to adopt the going concern basis in preparing the accounts.

2.       Segmental analysis

          For management purposes, the Group is organised into two operating divisions: Foundries and Engineering. The operating segments reporting format reflects the Group's management and internal reporting structures.

	Segmental revenue			Segmental operating  profit
	Unaudited  6 months ended 30 Sep 2011 £000	Unaudited 6 months ended 30 Sep 2010 £000	Year ended 31 March 2011 £000	Unaudited 6 months ended 30 Sep 2011 £000	Unaudited 6 months ended 30 Sep 2010 £000	Year ended 31 March 2011 £000
Foundries	18,922	15,175	33,082	1,148	516	1,335
Engineering	4,038	3,142	6,719	204	122	315
Segmental results	22,960	18,317	39,801	1,352	638	1,650
Reconciliation of reported segmental operating profit to profit before tax
Segmental operating profit				1,352	638	1,650
Shared costs				(556)	(448)	(819)
Reorganisation and impairment costs				-	-	(323)
Net finance costs				(86)	(99)	(175)
Profit before tax				710	91	333

The Foundries segment is a supplier of iron castings, in raw or machined form, to a variety of industrial customers who incorporate the castings into their own products or carry out further machining or assembly operations on the castings before selling them on.  The Engineering segment provides manufactured and imported products to distributors and end-users. The products fall into the categories of door hardware, hazardous area lighting and control gear, cable management and general ironmongery.

There are no transactions between operating segments.

Financing and income tax are managed on a Group basis and are not allocated to operating segments.

3        Finance income and costs

	Unaudited Six months ended 30 September 2011	Unaudited Six months ended 30 September 2010	Year ended 31 March 2011
	£000	£000	£000
Interest on bank overdraft	(44)	(59)	(100)
Finance cost of pension scheme	(42)	(40)	(75)
	(86)	(99)	(175)

4        Income tax expense

An effective rate of tax for the six months to 30 September 2011 of 20% (30 September 2010: 53%) has been used in these interim statements.

The effective rate of tax is lower than the standard rate because of the utilization of prior period losses. The 2010 effective rate of tax was higher than the standard because of the impact of disallowable expenses.

On the 22 June 2010 the UK Chancellor of the Exchequer announced a number of tax reforms. The key change to Corporation tax that will apply to the Group is the reduction in the main Corporation tax rate, from 28% to 23% over a period of 4 years.

The reduction to 27% was substantively enacted on 21 July 2010. On 22 March 2011 a further announcement was made reducing the rate to 26% from 1 April 2011 and ultimately to 23% by 2014. The reduction to 26% was substantively enacted on 29 March 2011 and the reduction to 25% substantively enacted on 5 July 2011. Accordingly a tax rate of 26% has been used when calculating tax for the period and a rate of 25% used in determining deferred tax.  It is not anticipated that these reductions nor subsequent reductions to 23% once substantively enacted, will have a material effect on the company's future current or deferred tax charges.

5        Earnings per share

          The calculation of earnings per share is based on the profit attributable to shareholders and the weighted average number of ordinary shares in issue. In calculating the diluted earnings per share, adjustment has been made for the dilutive effect of outstanding share options. Underlying earnings per share, which excludes business reorganisation costs, net financing cost of pension obligation and share based compensation, less related tax thereon, as analysed below, has been disclosed as the Directors believe this allows a better assessment of the underlying trading performance of the Group.

          Reorganisation and exceptional items are detailed in note 7.

	Unaudited Six months ended 30 September 2011	Unaudited Six months ended 30 September 2010	Year ended 31 March 2011
	£000	£000	£000
Earnings for basic earnings per share	568	43	98
Business re-organisation costs	-	-	323
Taxation effect of business reorganisation costs	-	-	(31)
Net financing cost on pension obligation	42	40	75
Taxation effect of pension obligation	(11)	(11)	(20)
Share based payments charge	45	32	73
Taxation effect of share based payments	(12)	(9)	(19)
Earnings for underlying earnings per share	632	95	499

	Unaudited Six months ended 30 September 2011	Unaudited Six months ended 30 September 2010	Year ended 31 March 2011
	000	000	000
Weighted average number of ordinary shares	7,611	7,438	7,438
Adjustment to reflect shares under option	980	569	762
Diluted weighted average number of ordinary shares	8,591	8,007	8,200

6        Pensions

The Group operates a defined benefit pension scheme and a number of defined contribution pension schemes on behalf of its employees.  For defined contribution schemes, contributions paid in the period are charged to the income statement.  For the defined benefit scheme, actuarial calculations are performed in accordance with IAS 19 in order to arrive at the amounts to be charged in the income statement and recognised in the statement of comprehensive income.  The defined benefit scheme is closed to new entrants and future accrual.

Under IAS 19, the Company recognises all movements in the actuarial funding position of the scheme in each period.  This is likely to lead to volatility in shareholders' equity from period to period.

The IAS 19 figures are based on a number of actuarial assumptions as set out below, which the actuaries have confirmed they consider appropriate.  The projected unit credit actuarial cost method has been used in the actuarial calculations.

	30 September 2011	30 September 2010	31 March 2011
Salary increases	n/a	n/a	n/a
Pension increases (post 1997)	2.9%	2.9%	3.4%
Discount rate	5.1%	5.0%	5.5%
Inflation assumption	2.0%	3.0%	3.4%

As a consequence of statutory changes introduced by the government during the year ended 31 March 2011, the inflation assumption has been changed from RPI to CPI in respect of deferred pension revaluation on the non-GMP element of scheme benefits.

The demographic assumptions used for 30 September 2011, were the same as used in 31 March 2011, 30 September 2010 and the last full actuarial valuation performed as at 1 April 2007, other than for life expectancy where the S1NA (YoB) MC table with a 1% underpin has been used (PA92 (YoB) MC table used for last full actuarial valuation as at 1 April 2007).

The defined benefit scheme funding has changed under IAS 19 as follows:

Funding status	Unaudited 6 months to 30 September 2011 £000	Unaudited 6 months to 30 September 2010 £000	Year to 31 March 2011 £000
Scheme  assets at end of period	11,844	12,408	12,432
Benefit obligations at end of period	(14,747)	(15,355)	(14,634)
Deficit in scheme	(2,903)	(2,947)	(2,202)
Related deferred tax asset	726	796	572
Net pension liability	(2,177)	(2,151)	(1,630)

The increase in the net pension liability is mainly due to negative investment returns combined with an increase in the value of liabilities as a consequence of a reduction in the discount rate. In addition the reduction in assumed future inflation in respect of deferred benefits noted above has partially offset the increase in scheme liabilities.

7        Reorganisation and exceptional costs

Operating exceptional items in the six months to 30 September 2011 and which, in the opinion of the directors, do not form part of the underlying operating costs of the businesses, comprise:

	Unaudited Six months ended 30 September 2011	Unaudited Six months ended 30 September 2010	Year ended 31 March 2011
	£000	£000	£000
Business reorganisation costs	-	-	(121)
Goodwill impairment	-	-	(202)
	-	-	(323)

Taxation
- tax effect of operating exceptionals	-	-	34
	-	-	34

Business reorganisation costs relate to bringing the assets acquired from the administrator of Jebron Ltd back into production and integrating into equipment into Exidor.

Goodwill impairment relates to a withdrawal from door handle production at Exidor.

8        Interim report

          Copies of this interim results statement will be available on the Group's website, www.chamberlin.co.uk, and from the Group's headquarters at Chuckery Road, Walsall, West Midlands, WS1 2DU.

 

END

 

 

IR UWOBRAVAAUAA