Chamberlin PLC Publication of 2020 Accounts and Trading Update (3680A)
September 29 2020 - 2:00AM
UK Regulatory
TIDMCMH
RNS Number : 3680A
Chamberlin PLC
29 September 2020
29 September 2020
Chamberlin plc
("Chamberlin" or the "Company")
Extension of Deadline for Publication of Audited Accounts and
Trading Update
Chamberlin plc (AIM: CMH.L), the specialist castings and
engineering group, is pleased to provide the following update
further to the announcement on 19 June 2020.
2020 Accounts
Following consultation with the Company's advisers, the Board
has concluded that, due to the impact of the COVID-19 pandemic, it
will require more time to complete the audit process in respect of
its accounts for the year ended 31 March 2020. Consequently, and
given recent regulatory guidance in relation to the ongoing
COVID-19 pandemic, the Group has applied for, and has been granted
by AIM Regulation, a two month extension to the timeline for
publishing its audited accounts for the year ended 31 March 2020
("2020 Accounts"), which are now expected to be published in late
October 2020. The Company confirms that it has been granted an
extension by Companies House to file its 2020 Accounts by 31
December 2020 from the previous deadline of 30 September 2020.
Current Trading
Sales for the year to 31 March 2020 are expected to be GBP26.1
million (unaudited) (31 March 2019: GBP33.0 million). This is
expected to result in a loss before tax for the year of GBP2.3
million (unaudited) (31 March 2019: loss before tax GBP5.0
million). Non-underlying costs of GBP0.9m contributed to the loss,
mainly restructuring costs. Net debt at 31 March 2020 is expected
to be GBP4.6m (unaudited) (31 March 2019: GBP5.4 million).
Sales for the six months to 30 September 2020 are expected to be
GBP11.0 million (unaudited) (2019: GBP12.8 million). This is
expected to result in a loss before tax for the period of GBP0.6
million (unaudited) (2019: loss before tax GBP1.8 million).
Non-underlying costs, mainly restructuring, of GBP0.2m (2019:
GBP0.7 million) contributed to the loss as well as the impact of
COVID-19 in April.
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. Most
employees are now working normally with only a small number
remaining on furlough.
Production levels at the Walsall factory are now broadly in line
with activity seen immediately prior to the impact from COVID-19
and output levels at the Machine Shop are now also returning to the
levels of pre COVID-19.
Russell Ductile, the Company's Scunthorpe foundry operation,
which remained open throughout the restrictions imposed by
COVID-19, continues to operate at or near full production levels in
response to growing customer demand.
Petrel, Chamberlin's specialist lighting business is operating
at around 60% of normal sales volumes.
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, remains uncertain and
the Board continues to believe that it is still too early to make
any reasonable estimate of the financial impact on the Group during
the current year and beyond. As previously reported, the Board has
taken significant steps to reduce costs in line with the expected
reduction in demand.
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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