REG - Chamberlin PLC - Half-year Results <Origin Href="QuoteRef">CMH.L</Origin> - Part 2

ChamberlinAnnouncement

28/11/2017 07:05

- Part 2: For the preceding part double click  ID:nRSb6562Xa 

reorganisation                                 21                                           138                                          138                      
 Exceptional costs                                    21                                           138                                          138                      
                                                                                                                                                                         
 Share based payment charge                           39                                           26                                           28                       
 Defined benefit pension scheme administration costs  112                                          88                                           199                      
                                                                                                                                                                         
 Non-underlying other operating expenses              172                                          252                                          365                      
 
 
 Non-underlying exceptional costs of discontinued operations  -     64    1,451  
                                                                                 
 Taxation                                                                        
 Write off of deferred tax assets                             374   -     -      
 - tax effect of non-underlying other operating expenses      (33)  (63)  (363)  
                                                                                 
                                                              341   (63)  (363)  
 
 
During the year ended March 2017, the Group continued to rationalise
operations given the reduced levels of turnover seen in the Leicester and
Scunthorpe foundries. Group reorganisation costs, including redundancy and
recruitment, relate to this rationalisation. 
 
During 2017 the Group took the decision to close the Leicester foundry.
Non-underlying exceptional costs of discontinued operations, including asset
impairment, redundancy and site clean-up costs, relate to this closure. 
 
Further reorganisation and redundancy costs were incurred during the current
period. 
 
8              Net debt 
 
                                                                  Unaudited six months ended 30 September2017  Unaudited six months ended 30 September2016  Year ended 31 March2017  
                                                                  £000                                         £000                                         £000                     
                                                                                                                                                                                     
 Financial liabilities                                                                                                                                                               
 Bank overdraft                                                   414                                          209                                          216                      
 Current instalments due on finance leases                        586                                          33                                           359                      
 Current instalments due on asset finance loans                   100                                          200                                          200                      
 Import loan facility                                             356                                          -                                            1,235                    
 Invoice finance liability                                        4,790                                        4,042                                        3,510                    
 Financial liabilities due in less than one year                  6,246                                        4,484                                        5,520                    
                                                                                                                                                                                     
 Instalments due on finance leases in greater than one year       1,972                                        723                                          1,308                    
 Instalments due on asset finance loans in greater than one year  -                                            100                                          -                        
 Total financial liabilities                                      1,972                                        823                                          1,308                    
                                                                                                                                                                                     
 Net debt                                                         8,218                                        5,307                                        6,828                    
                                                                                                                                                                                     
 Available facility                                               9,090                                        6,960                                        9,601                    
 Maximum available headroom                                       872                                          1,653                                        2,773                    
 
 
9              Interim report 
 
Copies of this interim results statement will be available on the Group's
website, www.chamberlin.co.uk, and from the Group's headquarters at Chuckery
Road, Walsall, West Midlands, WS1 2DU. 
 
This information is provided by RNS
The company news service from the London Stock Exchange