Chamberlin PLC Trading Update (9168H)
March 27 2020 - 10:24AM
UK Regulatory
TIDMCMH
RNS Number : 9168H
Chamberlin PLC
27 March 2020
Chamberlin plc
("Chamberlin" or the "Company")
Trading Update
Chamberlin plc (AIM: CMH.L), the specialist castings and
engineering group, announces that trading for the current financial
year to 31 March 2020 is expected to be in line with market
expectations. However, the impact of the COVID-19 pandemic on the
global automotive sector with factory closures across Europe and
the UK, is dictating that the foundry subsidiary, Chamberlin &
Hill, will be closing the Walsall foundry and Machine Shop for a
minimum of three weeks in April.
As a result, and given the current ongoing uncertainty of future
customer demand, management anticipate that revenue in Chamberlin
& Hill's factories will be substantially reduced in April and
May 2020. At this stage Chamberlin's operations at the Scunthorpe
foundry and at Petrel, the Group's engineering business, will
remain operational and are trading in line with management
forecasts.
From a financial perspective the Company is benefitting from the
restructuring actions taken in the first half of 2019-20, with a
reduced operating cost base. Management remain focused on cash
preservation and will take advantage of the UK Government's
measures to support businesses, whenever necessary. It will also
endeavour to retain all employees, wherever possible, as requested
by the UK Government. All necessary steps will be taken to mitigate
the impact of the foundry closure for the required period.
Keith Butler-Wheelhouse, Chairman of Chamberlin said:
"These are momentous times unseen in our lifetime. We cannot
predict with any certainty how long this pandemic will last nor the
full impact upon our society and economy. Nevertheless, we shall
take whatever measures are available to us to ensure as best we are
able the protection of the health and wellbeing of our employees
and their families."
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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END
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