Chamberlin PLC Trading Update (6357A)
May 30 2019 - 6:35AM
UK Regulatory
TIDMCMH
RNS Number : 6357A
Chamberlin PLC
30 May 2019
AIM: CMH
30 May 2019
CHAMBERLIN PLC
("Chamberlin" or "the Group")
Trading Update
Chamberlin, the specialist castings and engineering group,
announced on 5 February 2019 that while the Company's trading
position had been strengthened by the sale of Exidor Limited in
December 2018, current trading conditions had toughened giving rise
to an expected operating loss from continuing operations, before
non-underlying items*, in the year to 31 March 2019 of
approximately GBP0.6m.
The Company is in the process of finalising the results for the
year to 31 March 2019 and following a final review with its
auditors the Company now expects to report an operating loss before
non-underlying items* some GBP0.3m worse than previously indicated,
mainly reflecting a specific bad debt.
The Company had also announced previously that the Board has
implemented a number of cost reduction measures, which has involved
various reorganisation and other costs necessary in rationalising
the business. This exercise has included an impairment review of
the two sites within the foundry division, which has resulted in a
non-cash write-down in value of the assets of approximately
GBP3.0m.
Including this write-down and other non-underlying costs
incurred in the period the Company expects to announce an operating
loss for the year to 31 March 2019 of approximately GBP4.5m,
together with a profit on discontinued operations of approximately
GBP6.4m, giving rise to a profit after tax and finance costs for
the year of approximately GBP1.5m.
The Board expects to issue its preliminary results statement for
the year to 31 March 2019 on 4 June 2019.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
* non-underlying costs comprise exceptional items,
administration costs of the company pension scheme and net
financing costs on pension obligations, share based payment costs,
GMP Equalisation, impairment of fixed assets and onerous leases
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
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END
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