23rd Jul 2019 12:13
(Alliance News) - Chamberlin PLC on Tuesday blamed Brexit uncertainty for causing "tough" trading conditions and said its long-standing non-executive retired.
The castings and engineering company said trading conditions remained tough since the end of its financial year on March 31, with reduced demand from the European auto industry for turbocharger components.
"Substantial cost savings are being implemented. The savings will be fully effective in the second half, with overheads right-sized for the expected level of business," said Chair Keith Butler-Wheelhouse. "The first half will bear the costs of overhead reductions."
Looking ahead, Chamberlin said it is making "good" progress with potential new business discussions, although there remains uncertainty regarding exchange rates and possible tariffs post-Brexit.
In a separate statement, Chamberlin said Non-Executive Director Keith Jackson will be retiring from the board at the company's annual general meeting on Tuesday.
Jackson steps down from the board after 14 years, having joined as a non-executive director in 2005. However, he will continue in his role as trustee chair of the Chamberlin & Hill staff pension and life assurance scheme.
David Flowerday will replace Keith as chair of the Audit Committee. Chamberlin said it has no current plans to appoint another non-executive director.
"On behalf of the board, I would like to place on record our thanks to Keith for his many years of service to Chamberlin. He has made a significant contribution and we wish him well in the future," said Butler-Wheelhouse.
Chamberlin shares were trading 5.3% higher on Tuesday in London at 40.00 pence each.
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