AGM Statement

RNS Number : 1067Q

Chamberlin PLC

29 July 2010

 



 

 

AIM:CMH

29 July 2010

CHAMBERLIN plc

("Chamberlin" or the "Group")

AGM Statement

Chamberlin, the specialist engineering group, will be holding its Annual General Meeting this afternoon. At the meeting, Chairman, Tom Brown, will provide the following comment on trading:

"As stated at the time of our final results in June, Chamberlin saw a marked upturn in business in the second half of the financial year to 31 March 2010, driven by recovery in demand across many of our markets. 

I am pleased to confirm that trading in the first quarter of the new financial year has remained strong across all three of our foundries.  In particular, we are seeing the benefits of our second major turbocharger supply contract coming through at our Walsall foundry, which produces technically complex castings.  Production volumes for this contract are in line with management expectations and further products in the development process are progressing well.  Both our Leicester and Scunthorpe foundries, which respectively are expert in specialist iron metallurgies castings and very heavy high strength castings, are also performing well as volumes recover.

Our two engineering businesses, Petrel and Fred Duncombe, which together account for approximately 20% of Group revenues, are both performing in line with management expectations.

With the improving demand, a reduced cost base and production capability intact, the Board continues to be confident of a return to profitability in the year and views prospects very positively."

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 7448 1000
Katie Tzouliadis

 

END

 

 

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