Share Name Share Symbol Market Type Share ISIN Share Description
CHAMBERLIN PLC NEX:CMH.GB NEX Ordinary Share GB0001870228
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 20.00p 15.00p 25.00p 20.00p 20.00p 20.00p 0 07:51:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Chamberlin PLC Trading Update

05/02/2019 7:52am

UK Regulatory (RNS & others)


CHAMBERLIN (NEX:CMH.GB)
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1 Year : From Oct 2018 to Oct 2019

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RNS Number : 0863P

Chamberlin PLC

05 February 2019

AIM: CMH

05 February 2019

CHAMBERLIN PLC

("Chamberlin" or "the Group")

Trading Update

Chamberlin, the specialist castings and engineering group, announces an update on trading for the financial year to 31 March 2019 reflecting both current trading conditions and the sale of Exidor Limited ("Exidor") to Assa Abloy Ltd. announced on 20 December 2018.

The sale of Exidor for GBP10m cash has strengthened Chamberlin's balance sheet and also significantly reduced the Group's pension liability. After a one-off contribution of GBP2.5m from the cash proceeds from the sale, the adjusted reported pension liability as at 30 September 2018 is GBP1.5m (30 September 2017: GBP4.0m).

While the Group's financial position has been strengthened, current trading conditions have toughened. Customer schedules for the European turbocharger market have suffered significant reductions, partly related to the disturbance to production schedules resulting from the new WLTP* emissions testing regime. There are also uncertainties relating to Brexit, and the Petrel business has experienced a slowdown.

The underlying operating loss (before exceptional items and legacy pension costs) of the continuing operations in the year to 31 March 2018 was GBP0.3m. The underlying operating loss of the continuing operations for the six months to 30 September 2018 was also GBP0.3m.

In response to the change in trading conditions, the Board has implemented a number of cost reduction measures and also completed a reassessment of the likely outturn in the second half of the current financial year. It now anticipates that the loss in this period will be similar to that in the first half. The benefits of the cost reduction measures will be seen in the next financial year to 31 March 2020.

* Worldwide Harmonised Light Vehicle Test Procedure

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014

Enquiries

 
 Chamberlin plc                      T: 01922 707100 
  Kevin Nolan, Chief Executive 
  Neil Davies, Finance Director 
 
 Cenkos Securities plc               T: 020 7397 8900 
  (Nominated Adviser and Broker) 
  Russell Cook, Katy Birkin 
 
 KTZ Communications                  T: 020 3178 6378 
  (Financial PR) 
  Katie Tzouliadis, Dan Mahoney 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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February 05, 2019 02:52 ET (07:52 GMT)

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