Trading Update

RNS Number : 3359N

Chamberlin PLC

16 February 2009

 



CMH

Chamberlin plc 

('Chamberlin' or 'the Company') 

Trading Update

The Board of Chamberlin is issuing the following update on trading.  

On 27 November 2008, when the Company announced its half year results, we reported that market conditions in the first two months of the second half had seen a sharp deterioration. At the time, indications from our customers were that, following a period of very low demand caused by de-stocking, we could expect demand to recover somewhat to give a reduced but stable level.

Although key customers have repeated this guidance, de-stocking is continuing and demand remains at these lower levels especially in the automotive and construction equipment sectors. As a result, we expect that results for the year to 31 March 2009 will be below market expectations.  

We continue to win new business despite the downturn and, since our last update, have secured orders from an additional turbocharger manufacturer and from a number of customers in other areas including rail and defence equipment. Planned cost reductions have now been fully implemented across the group and we look forward to reporting an improving performance during the course of 2009/10. 

For further information, please contact:

Chamberlin plc                                              01922 707100

Tim Hair, Chief Executive

Mark Bache, Finance Director

Charles Stanley Securities                             020 7149 6000

Nominated Adviser

Russell Cook / Jen Boorer

Biddicks                                                       020 7448 1000

Katie Tzouliadis

 

END

 

 

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