Chamberlin PLC Trading Update (0908G)
November 23 2020 - 1:00AM
UK Regulatory
TIDMCMH
RNS Number : 0908G
Chamberlin PLC
23 November 2020
23 November 2020
Chamberlin plc
("Chamberlin" or the "Company")
Trading Update
Chamberlin plc (AIM: CMH.L), the specialist castings and
engineering group, announced on 29 September 2020 that production
levels at the Company's two foundries remained at or above
pre-Covid-19 levels, and this continues to be the case. Trading at
Petrel was below normal sales levels but is improving.
The Company's machine shop has been experiencing volatile demand
due to Brexit, Covid-19 and customer safety stock building. The
customer of the largest contract representing approximately 75% of
the machine shop's output has informed Chamberlin of an earlier
transition to the next product evolution which has been awarded to
another supplier. Ongoing customer orders are likely to be a
fraction of the original contract. The Company will be pursuing a
claim relating to the earlier than planned transition and in the
meantime all staff in the machine shop have been furloughed.
The Company is taking further mitigating actions to reduce costs
during the machine shop temporary shut down, although the financial
impact cannot yet be determined.
The Company continues to explore additional manufacturing
opportunities for the machining facility with existing Tier 1
customers and prospective new customers.
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 (Nominated Adviser T: 020 7397 8900
and Broker)
Russell Cook
Katy Birkin
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