Chamberlin PLC Trading Update (5329Q)
June 19 2020 - 7:15AM
UK Regulatory
TIDMCMH
RNS Number : 5329Q
Chamberlin PLC
19 June 2020
19 June 2020
Chamberlin plc
("Chamberlin" or the "Company")
Trading Update
Chamberlin plc (AIM: CMH.L), the specialist castings and
engineering group, is pleased to provide a trading update following
the announcement on 27 March 2020.
The Company announces that the Walsall foundry reopened for
production on 4 May 2020 following a three week closure. The
machine shop, which also closed in April, has also reopened for
production. While production levels at the Walsall factory are
broadly in line with activity seen immediately prior to the impact
from Covid-19, output levels at the Machine Shop are running at
approximately 30% of that achieved before the COVID-19
measures.
Russell Ductile, the Company's Scunthorpe foundry operation, has
remained open throughout and continues to operate at full
production levels in response to customer demand.
Petrel, Chamberlin's specialist lighting business has also
remained open. However, due to suspension of a number of government
and defence contracts, Petrel is operating at around 60% of normal
sales volumes.
The health and safety of Chamberlin's employees has been, and
remains, paramount. All operations are performed in line with
relevant government guidelines and industry best practice specific
to COVID-19 precautions. To date there have been no reported
instances of any Chamberlin employee contracting COVID-19.
Chamberlin has taken advantage of the UK Government's measures
to support business, including the furloughing of staff during the
closure of the Walsall sites. The majority of employees are working
normally with approximately 18% of the Company's workforce still
furloughed.
Despite current levels of activity in the Walsall foundry being
relatively high, the outlook for a number of the key markets,
particularly across the automotive sector, remain uncertain. As a
result, Chamberlin has taken steps to reduce costs in line with the
expected reduction in demand.
Recognising the ongoing uncertainty across global markets, the
Board continues to believe that it is too early to make any
reasonable estimate of the financial impact on the Group during the
current year and beyond.
The Company anticipates that the preliminary results for the
year to 31 March 2020 will be announced in August 2020.
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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