24th May 2016 08:10
LONDON (Alliance News) - Castings and engineering group Chamberlin PLC on Tuesday said it swung to a loss in the year to the end of March amid tough trading conditions and currency effects.
Chamberlin said its pretax loss for the year to March 31 was GBP200,000, swung from a GBP100,000 profit a year earlier. Revenue declined to GBP35.0 million from GBP40.8 million, hit by a weak euro and difficult conditions in steel, oil and gas and mining sectors.
Foundries revenue declined to GBP25.6 million from GBP30.4 million, while engineering revenue declined to GBP9.4 million from GBP10.4 million.
The group said it won a major new contracts in February which it will start deliver in the second half of its current financial year, providing confidence in its outlook. Still, Chamberlin said it does not anticipated trading conditions to improve and will remain focused on cost control and efficiencies in the business.
"While there is still work to be done, the group is in a stronger position than it was two years ago, and we remain committed to delivering further progress," said Chairman Keith Butler-Wheelhouse.
Chamberlin shares were down 16% to 55.00 pence, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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