REG - Chamberlin PLC - Corporate Update

ChamberlinAnnouncement

15/12/2023 07:00

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RNS Number : 9043W  Chamberlin PLC  15 December 2023

 

15 December 2023

Chamberlin plc
("Chamberlin", the "Company" or the "Group")

 

Corporate Update

 

Chamberlin plc (AIM: CMH.L), the specialist castings and engineering group,
announces the following corporate update in relation to Russell Ductile
Castings, the Group's Scunthorpe based foundry ("RDC").

 

RDC, the UK's leading provider of large, technically challenging Cast Iron
products, is pleased to report that its commercial strategy to position itself
as a key supplier to the renewable offshore energy market is driving new
levels of growth for the business. November 2023 saw RDC receive its highest
level of monthly order intake on record, exceeding £1.85 million for the
first time - primarily due to new order awards in the renewables sector. This
included significant contract wins from Tekmar and First Subsea.

 

Pleasingly, RDC's new leadership team has introduced a higher level of focus
on the commercial development of the business and as a result has successfully
secured no less than 5 new key customers for the business - underpinning a
current order book of around £4.0 million. These prestigious new customers,
including Volvo, Nissan, JCB, Tekmar and Steel Dynamics, demonstrate the
excellent work by the team at RDC and the high level of faith these customers
have in RDC's capabilities, quality and technical expertise.

 

This order intake is included in management's expectations of performance for
FY24 and further adds to the Company's strong order book, supporting the
anticipated increase in revenue growth and profit after tax in FY24.

 

Enquiries:

 

 Chamberlin plc                                                             T: 01922 707100

 Kevin Price, Chief Executive

 Alan Tomlinson, Finance Director

                                                                            T: 020 7220 0500

 Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)

 Katy Birkin

 Stephen Keys

 George Lawson

 Peterhouse Capital Limited (Joint Broker)                                  T: 020 7469 0930

 Lucy Williams

 Duncan Vasey

 

 

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