Corporate Update

Chamberlin PLC

15 December 2023

 

 

15 December 2023

Chamberlin plc

("Chamberlin", the "Company" or the "Group")

Corporate Update

 

Chamberlin plc (AIM: CMH.L), the specialist castings and engineering group, announces the following corporate update in relation to Russell Ductile Castings, the Group's Scunthorpe based foundry ("RDC").

RDC, the UK's leading provider of large, technically challenging Cast Iron products, is pleased to report that its commercial strategy to position itself as a key supplier to the renewable offshore energy market is driving new levels of growth for the business. November 2023 saw RDC receive its highest level of monthly order intake on record, exceeding £1.85 million for the first time - primarily due to new order awards in the renewables sector. This included significant contract wins from Tekmar and First Subsea.

Pleasingly, RDC's new leadership team has introduced a higher level of focus on the commercial development of the business and as a result has successfully secured no less than 5 new key customers for the business - underpinning a current order book of around £4.0 million. These prestigious new customers, including Volvo, Nissan, JCB, Tekmar and Steel Dynamics, demonstrate the excellent work by the team at RDC and the high level of faith these customers have in RDC's capabilities, quality and technical expertise.

This order intake is included in management's expectations of performance for FY24 and further adds to the Company's strong order book, supporting the anticipated increase in revenue growth and profit after tax in FY24.

Enquiries:

Chamberlin plc Kevin Price, Chief Executive Alan Tomlinson, Finance Director T: 01922 707100 Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker) Katy Birkin Stephen Keys George Lawson T: 020 7220 0500 Peterhouse Capital Limited (Joint Broker) Lucy Williams Duncan Vasey T: 020 7469 0930

 

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