Chamberlin PLC Operational Update
RNS Number : 0748Z
19 May 2021
19 May 2021
("Chamberlin" or the "Company")
Chamberlin plc (AIM: CMH.L), the specialist castings and
engineering group , announces the following operational update.
T he restructuring of Chamberlin and Hill Castings Limited
("C&H") and the integration of C&H and Chamberlin PLC head
office has now been completed in line with expected cost savings.
The Company is also pleased to announce that C&H has won a
3-year contract to supply components for diesel engine generators
commencing in July 2021.C&H has been informed that an existing
Tier 1 customer has included the Company on a new low volume, high
value 5-year programme to manufacture turbocharger bearing housings
for a leading luxury sports car manufacturer, with supply
commencing early 2022.
Chamberlin also announces that C&H continues to diversify
its customer base, to reduce reliance on the automotive sector.
C&H has launched an eCommerce operation to design and develop
consumer products to be sold via the internet. Sales of kettle
bells, the first products from this initiative are already being
made from our new website www.ironfoundryweights.co.uk . Strong
eCommerce growth is expected to come from new product development,
including authentic 'retro' household and commercial products from
our 130-year design archive, and from extending sales into the
Russell Ductile Castings continue to win work in railways, the
renewables sector (particularly for offshore wind farms) and for
major UK infrastructure projects in power and water. The total
forward order book for RDC is strong and the workforce has been
expanded by approximately 30%, compared with the same period last
year, to meet demand.
Petrel announces that it has successfully completed the on-time
supply of a significant MoD contract to supply specialist ATEX
lighting for installation on a flagship vessel for the Royal Navy,
putting it in a strong position for the award of further contracts.
Following a period of strong demand, Petrel is also increasing its
workforce to support an expansion of development and production
Chairman, Keith Butler-Wheelhouse, commented:
"The recently completed fund-raise has facilitated the
restructuring of the C&H Foundry in Walsall and provides a
sound platform for growth. Efforts are concentrated on replacing
revenue at C&H, following the loss of major contracts at the
end of 2020. Your Directors are confident that the Company is now
well positioned to exploit the opportunities arising in the new
financial year commencing 1 June 2021."
Chamberlin plc T: 01922 707100
Kevin Nolan, Chief Executive
Neil Davies, Finance Director
Cenkos Securities plc T: 020 7397 8900
(Nominated Adviser and Joint Broker)
Peterhouse Capital Limited T: 020 7469 0930
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May 19, 2021 02:00 ET (06:00 GMT)
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