15th Oct 2013 10:50
LONDON (Alliance News) - Chamberlin PLC Tuesday said it is now expecting a pretax loss in its full year to March 31, 2014, after a review of Chamberlin's financial forecasts by its new executive management team.
The specialist foundry and engineering group said that due to difficult trading positions it has revised its guidance on the expected outcome for the year.
The company said that the group's medium and heavy castings foundries in Leicester and Scunthorpe have continued to see a slowdown and are expected to generate an operating loss for the current financial year.
Chamberlin also said that its foundry at Walsall is performing in line with expectations and that its engineering business is trading at, or possibly above, management forecasts.
The company said it is evaluating possible actions to improve output at its Leicester and Scunthorpe sites. It said a further update will be provided with the company's half-year results on November 26.
Chamberlin shares were down 15% to 90.00 pence putting it among the top-five AIM losers Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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