Half-year Report

RNS Number : 2718W

Chamberlin PLC

21 December 2021

 

21 December 2021

AIM: CMH

CHAMBERLIN PLC

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

Interim Results

for the six months ended 30 November 2021

Chamberlin plc (AIM: CMH) announces its interim results for the six months ended 30 November 2021.

Key Points

· H1 2021 operational performance significantly improved compared to prior year with the Group delivering a profit after tax for the first time in five years.

· Revenue of £8.0m (H1 2020: £11.0m) reflects loss of revenue attributable to BorgWarner offset by strong growth at Russell Ductile Castings ("RDC") and Petrel, and initial revenues from new business to consumer E-commerce brands - Emba cookware ("Emba") and Iron Foundry Weights ("IFW").

· The result before tax was broadly break-even (H1 2020: £0.6m loss), with profit after tax of £0.1m (H1 2020: £0.7m loss).

Chairman, Keith Butler-Wheelhouse, commented: 

"I am delighted to report that the difficulties of the past 18 months are now largely behind us. The actions taken by the Company in the first half have stabilised the Group and delivered a profit after tax for the first time in five years. Chamberlin is now well placed to deliver profitable growth in the second half, driven by a new strategic direction into expanding markets across all our businesses."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

Enquiries

Chamberlin plc Kevin Price, Chief Executive Alan Tomlinson, Finance Director   T: 01922 707100 Cenkos Securities plc (Nominated Adviser and Broker) Stephen Keys, Katy Birkin   T: 020 7397 8900
Peterhouse Capital Limited (Joint Broker)   Lucy Williams   Duncan Vasey T: 020 7469 0930

Chairman's Statement

Chamberlin plc (AIM: CMH) announces its interim results for the six months ended 30 November 2021.

Revenues in the first six months reduced from £11.0m in the prior period to £8.0m, primarily reflecting the loss of revenue attributable to BorgWarner that ceased in the previous financial period.  Encouragingly, revenues at both RDC and Petrel were markedly ahead of the prior year with revenue growing, in aggregate, by 20%. RDC achieved organic revenue growth of 12% driven by increasing demand across a number of sectors, particularly the renewables market. 

Despite the reduction in revenue, the operational performance of the Group showed promising progress, with improvement from an operating loss before non-underlying items of £0.2m in the comparative period to a broadly break-even position in the first half. This was despite significant headwinds associated with global supply chain issues that have caused the cost of raw materials, energy and transportation to escalate well beyond what would be considered to be business as usual. As a result of the swift and decisive actions taken by the management team, Chamberlin has been able to mitigate these adverse impacts and to protect the profitability of the Group. In addition, in the first half, the Group has absorbed the initial marketing costs incurred in establishing Chamberlin's two new E-commerce businesses - Emba and IFW. 

Following interest costs of £0.1m, the loss before taxation reduced to £0.1m in the first half from £0.6m in the prior period. This reduction in losses was driven by substantially improved operating profit from RDC and Petrel and the benefits from the rationalisation of the cost base at Chamberlin & Hill Castings and the Group's head office undertaken at the end of the previous financial period. With the Group anticipating a return to profitability in the second half of the year, the Group expects to begin to utilise the significant amount of tax trading losses accumulated in prior years, which have an estimated tax value of around £4.0m. After a tax credit of £0.2m, the Group has reported a profit attributable to shareholders of £0.1m (H1 2020: £0.7m loss), for the first time in five years.

As announced on 16 September 2021, the Company commenced a review of the use of its substantial property assets with the objective of strengthening the balance sheet and improving operational and investment returns from Group resources. This review continues and ensuring that the Group has the necessary resources to deliver on its growth strategy remains a key focus for the Board.

Outlook

Chamberlin is now confident it has a platform on which to build the business to the next level. The initial product ranges at Chamberlin & Hill Castings have been launched under the Group's new E-commerce brands, Emba cookware and Iron Foundry Weights, and both have a pipeline of new products under development at the design or prototype stage.

The launch of our Emba cookware at the BBC Good Food Show at the end of November 2021 was particularly well received by consumers, who provided positive validation of both the quality of the Emba products and the potential level of interest in premium, UK made cast iron cookware. With the initial product range launched and direct access to our products available through our Emba cookware website (embacookware.co.uk) as well as via Amazon, we are now embarking on more penetrative marketing strategies for sales direct to consumers, together with targeted marketing to businesses. Chamberlin has a unique opportunity in the growing UK cast iron cookware market to acquire market share as the sole UK based manufacturer and distributor of these products. With the in-house capability to design, manufacture and distribute new products into a global marketplace, the Board firmly believe that further development and investment in Emba cookware will position the brand to be a significant contributor to growth over the coming months and years.

The IFW brand was launched in May 2021 and significant interest has been generated in the product range from a number of well-respected fitness industry market participants. Although IFW was initially successful from direct selling to the consumer, the Board believe that the more lucrative opportunities will derive from partnerships or commercial arrangements with established businesses in the fitness industry, where the Group can offer high-quality, bespoke UK made products that have a significantly reduced carbon footprint compared to products imported from overseas. Chamberlin has the existing capability to not only design and manufacture cast iron fitness products but is also actively investing in repurposing its state-of-the-art machining facility to be able to produce its new range of steel precision machined "indestructible" dumbbells, with our unique "Shrink-Fit" assembly technology.

In Chamberlin & Hill Casting's legacy markets, uncertainty continued through the fourth quarter of the calendar year regarding the global availability of micro-chips for the automotive sector. Despite signs of strong consumer demand for new cars, the pace of the recovery in volumes to pre-Covid-19 pandemic levels cannot be estimated with any degree of certainty. Although our existing high-volume programmes are subject to factors outside of our control, our reputation for quality and delivery has ensured that we continue to be nominated for prestigious low-volume programmes at attractive margins. In the UK construction sector, we continue to improve our order book by remaining competitive on price and providing a reliable, quality UK based solution to supply chain disruptions. The CNC machining division of Chamberlin & Hill Castings has taken some important steps towards re-building its customer base and backfilling idle capacity. The appointment of two new members to the commercial team and the recent nomination for a second diesel generator component programme give the management team confidence in a robust recovery.

RDC has enjoyed a particularly successful 12-18 months, driven by a burgeoning order book and growing pipeline of opportunities. The main driver for this success has been a combination of reduced competition in the UK as a number of competitor foundries have been forced out of business and, more recently, an increasing desire to source products from the UK rather than overseas due to the often prohibitive transportation costs, excessive lead times and the impact on the global environment. The Board are seeking to take advantage of this unique set of circumstances by embarking on a programme to expand both the production capacity by 30% and types of product that can be manufactured at RDC's facilities. Building on RDC's recent successes is a key priority for the Board and includes exploring opportunities to design and manufacture its own products.

Petrel, the Group's hazardous area-light manufacturer and distributor, has also continued to go from strength to strength in the last 12 months. Orders have recovered from the Covid-19 induced low in the first half of 2020, with significant new orders secured, particularly in the defence and shipping sectors. Management have quickly identified a market shift towards the online distribution of its products and in recent months has developed significant commercial agreements with key online market participants that will enable Petrel to maintain its revenue growth potential. A further example of Petrel's ability to respond to market needs was the launch in October 2021 of a new portable product hire service. In addition, management continue to monitor trends in the market by adapting Petrel's existing product range and developing new products to expand its offering as new technology continues to evolve.

The Board is confident that Chamberlin is now positioned for a growing and profitable future and that this is expected to be reflected in shareholder returns as the Group progresses its revised strategy.

Keith Butler-Wheelhouse

Chairman

Consolidated Income Statement  

for the six months ended 30 November 2021

Note		Unaudited six months ended 30 November 2021			Unaudited six months ended 30 September 2020			14 months ended 31 May 2021
		Underlying	# Non-underlying	Total	Underlying	# Non-underlying	Total	Underlying	# Non-underlying	Total
		£000	£000	£000	£000	£000	£000	£000	£000	£000
Revenue	2	8,013	-	8,013	11,044	-	11,044	26,444	-	26,444
Cost of sales		(6,636)	-	(6,636)	(9,458)	-	(9,458)	(24,262)	-	(24,262)
Gross profit		1,377	-	1,377	1,586	-	1,586	2,182	-	2,182
Other operating expenses	7	(1,409)	50	(1,359)	(1,798)	(247)	(2,045)	(5,083)	(7,193)	(12,276)
Operating (loss)/profit		(32)	50	18	(212)	(247)	(459)	(2,901)	(7,193)	(10,094)
Interest receivable Finance costs	3	- (104)	- -	- (104)	- (99)	- -	- (99)	13 (310)	- -	13 (310)
(Loss)/profit before tax		(136)	50	(86)	(311)	(247)	(558)	(3,198)	(7,193)	(10,391)
Tax credit/(expense)	4	188	-	188	(104)	-	(104)	817	-	817
Profit/(loss) for the period attributable to equity holders of the Parent Company		52	50	102	(415)	(247)	(662)	(2,381)	(7,193)	(9,574)
Earnings/(loss) per share:
Basic	5	0.1p	-	0.1p	(5.2)p	(3.1)p	(8.3)p	(13.7)p	(41.4)p	(55.1)p
Diluted		0.1p	-	0.1p	(5.2)p	(3.1)p	(8.3)p	(13.7)p	(41.4)p	(55.1)p

^# Non-underlying items include restructuring costs, hedge ineffectiveness, impairment of assets, dilapidation costs and share-based payment costs together with the associated tax impact.

 

Consolidated Statement of Comprehensive Income

for the six months ended 30 November 2021

	Unaudited six months ended 30 November 2021		Unaudited six months ended 30 September 2020		14 months ended 31 May 2021
		£000		£000		£000
Profit/(loss) for the period		102		(662)		(9,574)
Other comprehensive income
Ineffective portion of movement in cash flow hedges recycled to income statement		-		124		-
Movements in fair value of cash flow hedges taken to other comprehensive income		(69)		(102)		650
Deferred tax on movements in cash flow hedges		17		17		(133)
Net other comprehensive (expense)/income that may be recycled to profit and loss		(52)		39		517
Re-measurement (losses)/gains on pension scheme assets and liabilities		(42)		(611)		463
Deferred tax on re-measurement (losses)/ gains on pension assets and liabilities		8		116		7
Net other comprehensive (expense)/ income that will not be reclassified to profit and loss		(34)		(495)		470
Other comprehensive (expense)/income for the period net of tax		(86)		(456)		987
Total comprehensive income/(expense) for the period attributable to equity holders of the Parent Company		16		(1,118)		(8,587)

 

Consolidated Balance Sheet

at 30 November 2021

		Unaudited 30 November 2021		Unaudited 30 September 2020		31 May 2021
		£000		£000		£000
Non-current assets
Property, plant and equipment		2,515		6,809		2,431
Intangible assets		244		303		263
Deferred tax assets		1,402		657		1,206
		4,161		7,769		3,900
Current assets
Inventories		2,264		2,577		1,698
Trade and other receivables		3,160		4,434		3,932
Cash at bank		6		505		1,038
		5,430		7,516		6,668
Total assets		9,591		15,285		10,568
Current liabilities
Financial liabilities		2,573		3,264		1,715
Trade and other payables		6,429		5,937		8,031
		9,002		9,201		9,746
Non-current liabilities
Financial liabilities		1,007		1,941		1,158
Deferred tax liabilities		107		57		150
Provisions		890		200		890
Defined benefit pension scheme deficit		1,077		2,442		1,190
		3,081		4,640		3,388
Total liabilities		12,083		13,841		13,134
Capital and reserves
Share capital		2,051		1,990		2,051
Share premium		4,720		1,269		4,720
Capital redemption reserve		109		109		109
Hedging reserve		166		(260)		218
Retained earnings		(9,538)		(1,664)		(9,664)
Total equity		(2,492)		1,444		(2,566)
Total equity and liabilities		9,591		15,285		10,568

 

 Consolidated Cash Flow Statement

for the six months ended 30 November 2021

		Unaudited six months ended 30 November 2021		Unaudited six months ended 30 September 2020		14 months  ended 31 May 2021
		£000		£000		£000
Operating activities
Loss for the period before tax		(86)		(558)		(10,391)
Adjustments for:
Interest receivable Net finance costs		- 104		- 99		(13) 310
Impairment charge on property, plant and equipment, inventory and receivables		(84)		-		4,632
Dilapidations provision		-		-		690
Hedge ineffectiveness		-		124		-
Depreciation of property, plant and equipment		176		483		1,135
Amortisation of software		9		29		53
Amortisation of development costs		14		10		33
Loss on disposal of property plant and equipment Foreign exchange rate movements		- (1)		- (22)		135 37
Share-based payments		34		17		41
Defined benefit pension contributions paid		(165)		(150)		(355)
Group reorganisation costs paid		(1,246)		-		-
(Increase)/decrease in inventories		(566)		13		175
Decrease in receivables		779		1,711		2,036
(Decrease)/increase in payables		(442)		(1,652)		1,009
Corporation tax received		-		-		129
Net cash (outflow)/inflow from operating activities		(1,474)		104		(344)
Investing activities
Purchase of property, plant and equipment		(197)		(73)		(183)
Purchase of software		(4)		-		(3)
Development costs		-		-		(5)
Net cash outflow from investing activities		(201)		(73)		(191)
Financing activities
Interest received		-		-		13
Interest paid		(94)		(77)		(261)
Net invoice finance drawdown/(repaid)		1,011		301		(1,202)
New share capital issued		-		-		3,312
Proceeds from convertible loan		-		-		200
Finance lease payments		(274)		(208)		(946)
Net cash inflow from financing activities		643		16		1,116
Net (decrease)/increase in cash and cash equivalents		(1,032)		47		581
Cash and cash equivalents at the start of the period Impact of foreign exchange rate movements		1,038 -		457 1		457 -
Cash and cash equivalents at the end of the period		6		505		1,038
Cash and cash equivalents compromise:
Cash at bank		6		505		1,038

Consolidated Statement of Changes in Equity

for the six months ended 30 November 2021

	Share capital	Share premium	Capital redemption reserve	Hedging reserve	Retained earnings	Total equity
	£000	£000	£000	£000	£000	£000
At 1 April 2020	1,990	1,269	109	(299)	(524)	2,545
Loss for the period	-	-	-	-	(662)	(662)
Other comprehensive income/(expense) for the period net of tax	-	-	-	39	(495)	(456)
Total comprehensive income/(expense)	-	-	-	39	(1,157)	(1,118)
Share-based payments	-	-	-	-	17	17
Deferred tax on share-based payments	-	-	-	-	-	-
Total of transactions with shareholders	-	-	-	-	17	17
At 30 September 2020	1,990	1,269	109	(260)	(1,664)	1,444
Loss for the period	-	-	-	-	(8,912)	(8,912)
Other comprehensive income for the period net of tax	-	-	-	478	965	1,443
Total comprehensive income/(expense)	-	-	-	478	(7,947)	(7,469)
New share capital issued	61	3,451	-	-	-	3,512
Share-based payments	-	-	-	-	24	24
Deferred tax on share-based payments	-	-	-	-	(77)	(77)
Total of transactions with shareholders	61	3,451	-	-	(53)	3,459
At 1 June 2021	2,051	4,720	109	218	(9,664)	(2,566)
Profit for the period	-	-	-	-	102	102
Other comprehensive expense for the period net of tax	-	-	-	(52)	(34)	(86)
Total comprehensive (expense)/income	-	-	-	(52)	68	16
Share-based payments	-	-	-	-	34	34
Deferred tax on share-based payments	-	-	-	-	24	24
Total of transactions with shareholders	-	-	-	-	58	58
At 30 November 2021	2,051	4,720	109	166	(9,538)	(2,492)

Notes to the Interim Financial statements

1  General information and accounting policies

The unaudited 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 14 months ended 31 May 2021 were approved by the Board of Directors on 30 November 2021 and filed at Companies House.  The auditor's report on those accounts was unqualified but contained an emphasis of matter paragraph relating to a material uncertainty regarding going concern.  

Basis of preparation

The Group's financial statements have been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006.

The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with AIM Rules issued by the London Stock Exchange.

Accounting policies

The principal accounting policies applied in preparing the interim Financial Statements comply with IFRS as adopted by the European Union and are consistent with the policies set out in the Annual Report and Accounts for the 14 months ended 31 May 2021.

No new standards or interpretations issued since 31 May 2021 have had a material impact on the financial statements of the Group.

Going concern

The Group's detailed forecast for the year ending 31 May 2022 and budget for the year ending 31 May 2023 reflect the Director's view of the most likely trading conditions. The forecast and budget indicate that existing bank facilities are expected to remain adequate.

The forecast and budget include revenue growth assumptions in the second half of the year to 31 May 2022 and continuing into the year ended 31 May 2023, which is needed to replace the lost BorgWarner contracts. These assumptions include growth into new E-commerce and consumer-led markets relating to fitness equipment and cookware following the recent launch of the Iron Foundry Weights (IFW) and Emba Cookware brands.

The Directors have applied reasonably foreseeable downside sensitivities to the forecast and budget, which assumes that sales growth from new E-commerce products is 50% lower than expectations, automotive volumes remain at current low levels and non-automotive sales growth is 50% lower than expectations. The budget, forecast and sensitised scenario exclude the possible receipt of compensation from BorgWarner and proceeds from the sales of under-utilised machinery. Furthermore, the Group is reliant on an invoice finance facility to fund its working capital needs. The renewal of the facility at the next annual review in March 2022 cannot be guaranteed, although there are no indications at the date of the approval of the financial statements that a renewal with the existing provider would not be granted or that alternative providers could not be found. In addition, the Directors have assumed that deferred settlement terms will be agreed with HMRC in relation to PAYE arrears of £1.3m for one subsidiary in the Group that have arisen in the period since the announcement by BorgWarner, having already agreed deferred settlement terms with HMRC for two subsidiaries.

As a consequence, after making enquiries, the Directors have an expectation that, in the circumstances of the reasonably foreseeable downside scenarios described above, the Group and Company have adequate resources to continue in operational existence for the foreseeable future.

However, the rate at which new work can be secured to replace the lost BorgWarner activity is difficult to predict. Furthermore, the ability to renew or source alternative invoice finance facilities or to agree deferred settlement terms with HMRC results in material uncertainty, which may cast significant doubt over the ability of the Group and the Company to realise its assets and discharge its liabilities in the normal course of business and hence continue as a going concern.

The Directors continue to adopt the going concern basis, whilst recognising there is material uncertainty relating to the above matters.

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 for the Chief Operating Decision Maker.

	Revenue					Operating (loss)/ profit
	Unaudited  six months ended 30 November 2021 £000	Unaudited six months ended 30 September 2020 £000		14 months ended 31 May 2021 £000		Unaudited six months ended 30 November 2021 £000	Unaudited six months ended 30 September 2020 £000	14 months ended 31 May 2021 £000
Foundries	6,469	9,958		23,321		120	201	(1,931)
Engineering	1,544	1,086		3,123		193	21	191
Segmental results	8,013	11,044		26,444		313	222	(1,740)
Shared costs						(345)	(434)	(1,161)
Non-underlying items (Note 7)						50	(247)	(7,193)
Net finance costs						(104)	(99)	(297)
Loss before tax						(86)	(558)	(10,391)

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 hazardous area lighting products to distributors and end-users.

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

3  Finance costs

	Unaudited six months ended 30 November 2021	Unaudited six months ended 30 September 2020	14 months  ended 31 May 2021
	£000	£000	£000
Interest on bank financing facilities	(23)	(52)	(103)
Interest expense on lease liabilities	(71)	(25)	(158)
Net interest on defined benefit pension liability	(10)	(22)	(49)
	(104)	(99)	(310)

4  Income tax expense

An estimated effective rate of tax for the six months to 30 November 2021 of 218.6% (30 September 2020: 18.6%) has been used in these interim statements. This rate differs to the standard corporation tax rate of 19% due primarily due to the recognition of a deferred tax asset on certain trading losses, accelerated capital allowances and short-term timing differences. The corporation tax rate remained at 19% for the 14 months ended 31 May 2021.

5  Earnings/(loss) per share

The calculation of earnings/(loss) per share is based on the profit/(loss) attributable to shareholders and the weighted average number of ordinary shares in issue. In calculating the diluted loss per share, adjustment has been made for the dilutive effect of outstanding share options where applicable. Underlying earnings/(loss) per share, which excludes non-underlying items and the related tax thereon as disclosed in Note 7, as analysed below, has been disclosed as the Directors believe this allows a better assessment of the underlying trading performance of the Group.

	Unaudited six months ended 30 November 2021	Unaudited six months ended 30 September 2020	14 months  ended 31 May 2021
	£000	£000	£000
Profit/(loss) after tax for basic earnings per share	102	(662)	(9,574)
Non-underlying operating items	(50)	247	7,193
Taxation effect of the above	-	-	-
Profit/(loss) for underlying earnings per share	52	(415)	(2,381)

	Unaudited six months ended 30 November 2021	Unaudited six months ended 30 September 2020	14 months  ended 31 May 2021
	000	000	000
Weighted average number of ordinary shares	69,625	7,958	17,387
Adjustment to reflect dilutive shares under option	3,581	217	3,798
Diluted weighted average number of ordinary shares	73,206	8,175	21,185

There is no adjustment for the shares under option in the diluted loss per share calculation for the six months ended 30 September 2020 and the 14 months ended 31 May 2021 as they are required to be excluded from the weighted average number of shares as they are anti-dilutive.

6  Pensions

The Group operates a defined benefit pension scheme and a defined contribution pension scheme on behalf of its employees. For the defined contribution scheme, 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 Group 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 November 2021	30 September 2020	31 May 2021
Salary increases	n/a	n/a	n/a
Pension increases (post 1997)	3.2%	2.8%	3.1%
Discount rate	1.6%	1.4%	1.85%
Inflation assumption - RPI	3.3%	2.85%	3.2%
Inflation assumption - CPI	2.6%	1.95%	2.5%

The demographic assumptions used for 30 November 2021 were the same as those used at 31 May 2021, and were based on the last full actuarial valuation performed as at 31 March 2019. The contributions expected to be paid during the year to 31 May 2022 are £335,000. The next triennial valuation is due as at 31 March 2022.

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

Funding status	Unaudited 30 November 2021 £000	Unaudited  30 September 2020 £000	31 May 2021 £000
Scheme assets at end of period	16,156	15,789	15,601
Benefit obligations at end of period	(17,233)	(18,231)	(16,791)
Deficit in scheme	(1,077)	(2,442)	(1,190)
Related deferred tax asset	269	415	297
Net pension liability	(808)	(2,027)	(893)

The reduction in the net pension liability since 31 May 2021 is mainly due to employer contributions and investment returns partially offset by an increase in the value of liabilities as a consequence of a reduction in bond yields reducing the discount rate.

7  Non-underlying items

	Unaudited six months ended 30 November 2021			Unaudited six months ended 30 September 2020	14 months  ended 31 May 2021
	£000			£000	£000
Group reorganisation	-			106	1,310
Adviser costs relating to corporate restructuring	-			-	520
Hedge ineffectiveness	-			124	-
Impairment of property, plant and equipment	-			-	3,809
Impairment of inventory and receivables	(84)			-	823
Dilapidations provision	-			-	690
Share-based payment charge	34			17	41
Non-underlying operating income/(costs)	(50)			247	7,193
Taxation
- tax effect of non-underlying costs		-	-			-
		(50)	247			7,193

In the six months ended 30 November 2021, the Group secured the recovery of receivables of £84,000 that had previously been impaired.

8  Net debt

	Unaudited 30 November 2021	Unaudited 30 September 2020	31 May 2021
	£000	£000	£000
Financial liabilities
Net cash	(6)	(505)	(1,038)
Lease liabilities	1,065	1,003	1,050
Invoice finance liability	1,508	2,261	665
Net debt due in less than one year	2,567	2,759	677
Lease liabilities due in more than one year	1,007	1,941	1,158
Net debt	3,574	4,700	1,835

9  Interim report

This interim results statement is available on the Group's website, www.chamberlin.co.uk.

 

END

 

 

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