30th Nov 2021 15:21
Chamberlin PLC - West Midlands-based castings and engineering company - Says pretax loss in the 14-month period ended May 31, widened to GBP10.4 million from GBP2.3 million the year before. Reports revenue of GBP26.4 million, up 1.1% from the GBP26.1 million reported the year before but 14% lower on pro rata basis. Attributes this to the early cancellation of all its contracts with its principal automotive customer BorgWarner Inc and disruptions caused by Covid-19. Is going to focus on enhancing shareholder value over the medium to long-term going forward through diversification. Wants to turn away from the declining, high-volume automotive sector and into markets with strong growth characteristics.
"Some of these challenges also present significant opportunities. With supply chain constraints and transportation delays impacting the global flow of trade, we are seeing an increasing trend towards re-shoring manufacturing back to the UK from overseas. Made in the UK is a significant unique selling point across all our businesses and the board believe we are well positioned to take advantage of the opportunities this will inevitably present," Chief Executive Kevin Price said.
Current stock price: 6.26 pence, down 14%
Year-to-date change: down 11%
By Abby Amoakuh; [email protected]
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