REG - Chamberlin PLC - Half-year Report
21/12/2021 07:00
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RNS Number : 2718W Chamberlin PLC 21 December 2021
21 December 2021
AIM: CMH
CHAMBERLIN PLC
("Chamberlin" or "the Company" or "the Group")
Interim Results
for the six months ended 30 November 2021
Chamberlin plc (AIM: CMH) announces its interim results for the six months
ended 30 November 2021.
Key Points
· H1 2021 operational performance significantly
improved compared to prior year with the Group delivering a profit after tax
for the first time in five years.
· Revenue of £8.0m (H1 2020: £11.0m) reflects
loss of revenue attributable to BorgWarner offset by strong growth at Russell
Ductile Castings ("RDC") and Petrel, and initial revenues from new business to
consumer E-commerce brands - Emba cookware ("Emba") and Iron Foundry Weights
("IFW").
· The result before tax was broadly break-even (H1
2020: £0.6m loss), with profit after tax of £0.1m (H1 2020: £0.7m loss).
Chairman, Keith Butler-Wheelhouse, commented:
"I am delighted to report that the difficulties of the past 18 months are now
largely behind us. The actions taken by the Company in the first half have
stabilised the Group and delivered a profit after tax for the first time in
five years. Chamberlin is now well placed to deliver profitable growth in the
second half, driven by a new strategic direction into expanding markets across
all our businesses."
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation (2014/596) which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time.
Enquiries
Chamberlin plc T: 01922 707100
Kevin Price, Chief Executive
Alan Tomlinson, Finance Director
Cenkos Securities plc (Nominated Adviser and Broker) T: 020 7397 8900
Stephen Keys, Katy Birkin
Peterhouse Capital Limited (Joint Broker) T: 020 7469 0930
Lucy Williams
Duncan Vasey
Peterhouse Capital Limited (Joint Broker) T: 020 7469 0930
Lucy Williams
Duncan Vasey
Chairman's Statement
Chamberlin plc (AIM: CMH) announces its interim results for the six months
ended 30 November 2021.
Revenues in the first six months reduced from £11.0m in the prior period to
£8.0m, primarily reflecting the loss of revenue attributable to BorgWarner
that ceased in the previous financial period. Encouragingly, revenues at
both RDC and Petrel were markedly ahead of the prior year with revenue
growing, in aggregate, by 20%. RDC achieved organic revenue growth of 12%
driven by increasing demand across a number of sectors, particularly the
renewables market.
Despite the reduction in revenue, the operational performance of the Group
showed promising progress, with improvement from an operating loss before
non-underlying items of £0.2m in the comparative period to a broadly
break-even position in the first half. This was despite significant headwinds
associated with global supply chain issues that have caused the cost of raw
materials, energy and transportation to escalate well beyond what would be
considered to be business as usual. As a result of the swift and decisive
actions taken by the management team, Chamberlin has been able to mitigate
these adverse impacts and to protect the profitability of the Group. In
addition, in the first half, the Group has absorbed the initial marketing
costs incurred in establishing Chamberlin's two new E-commerce businesses -
Emba and IFW.
Following interest costs of £0.1m, the loss before taxation reduced to £0.1m
in the first half from £0.6m in the prior period. This reduction in losses
was driven by substantially improved operating profit from RDC and Petrel and
the benefits from the rationalisation of the cost base at Chamberlin &
Hill Castings and the Group's head office undertaken at the end of the
previous financial period. With the Group anticipating a return to
profitability in the second half of the year, the Group expects to begin to
utilise the significant amount of tax trading losses accumulated in prior
years, which have an estimated tax value of around £4.0m. After a tax credit
of £0.2m, the Group has reported a profit attributable to shareholders of
£0.1m (H1 2020: £0.7m loss), for the first time in five years.
As announced on 16 September 2021, the Company commenced a review of the use
of its substantial property assets with the objective of strengthening the
balance sheet and improving operational and investment returns from Group
resources. This review continues and ensuring that the Group has the necessary
resources to deliver on its growth strategy remains a key focus for the Board.
Outlook
Chamberlin is now confident it has a platform on which to build the business
to the next level. The initial product ranges at Chamberlin & Hill
Castings have been launched under the Group's new E-commerce brands, Emba
cookware and Iron Foundry Weights, and both have a pipeline of new products
under development at the design or prototype stage.
The launch of our Emba cookware at the BBC Good Food Show at the end of
November 2021 was particularly well received by consumers, who provided
positive validation of both the quality of the Emba products and the potential
level of interest in premium, UK made cast iron cookware. With the initial
product range launched and direct access to our products available through our
Emba cookware website (embacookware.co.uk) as well as via Amazon, we are now
embarking on more penetrative marketing strategies for sales direct to
consumers, together with targeted marketing to businesses. Chamberlin has a
unique opportunity in the growing UK cast iron cookware market to acquire
market share as the sole UK based manufacturer and distributor of these
products. With the in-house capability to design, manufacture and distribute
new products into a global marketplace, the Board firmly believe that further
development and investment in Emba cookware will position the brand to be a
significant contributor to growth over the coming months and years.
The IFW brand was launched in May 2021 and significant interest has been
generated in the product range from a number of well-respected fitness
industry market participants. Although IFW was initially successful from
direct selling to the consumer, the Board believe that the more lucrative
opportunities will derive from partnerships or commercial arrangements with
established businesses in the fitness industry, where the Group can offer
high-quality, bespoke UK made products that have a significantly reduced
carbon footprint compared to products imported from overseas. Chamberlin has
the existing capability to not only design and manufacture cast iron fitness
products but is also actively investing in repurposing its state-of-the-art
machining facility to be able to produce its new range of steel precision
machined "indestructible" dumbbells, with our unique "Shrink-Fit" assembly
technology.
In Chamberlin & Hill Casting's legacy markets, uncertainty continued
through the fourth quarter of the calendar year regarding the global
availability of micro-chips for the automotive sector. Despite signs of strong
consumer demand for new cars, the pace of the recovery in volumes to
pre-Covid-19 pandemic levels cannot be estimated with any degree of certainty.
Although our existing high-volume programmes are subject to factors outside of
our control, our reputation for quality and delivery has ensured that we
continue to be nominated for prestigious low-volume programmes at attractive
margins. In the UK construction sector, we continue to improve our order book
by remaining competitive on price and providing a reliable, quality UK based
solution to supply chain disruptions. The CNC machining division of Chamberlin
& Hill Castings has taken some important steps towards re-building its
customer base and backfilling idle capacity. The appointment of two new
members to the commercial team and the recent nomination for a second diesel
generator component programme give the management team confidence in a robust
recovery.
RDC has enjoyed a particularly successful 12-18 months, driven by a burgeoning
order book and growing pipeline of opportunities. The main driver for this
success has been a combination of reduced competition in the UK as a number of
competitor foundries have been forced out of business and, more recently, an
increasing desire to source products from the UK rather than overseas due to
the often prohibitive transportation costs, excessive lead times and the
impact on the global environment. The Board are seeking to take advantage of
this unique set of circumstances by embarking on a programme to expand both
the production capacity by 30% and types of product that can be manufactured
at RDC's facilities. Building on RDC's recent successes is a key priority for
the Board and includes exploring opportunities to design and manufacture its
own products.
Petrel, the Group's hazardous area-light manufacturer and distributor, has
also continued to go from strength to strength in the last 12 months. Orders
have recovered from the Covid-19 induced low in the first half of 2020, with
significant new orders secured, particularly in the defence and shipping
sectors. Management have quickly identified a market shift towards the online
distribution of its products and in recent months has developed significant
commercial agreements with key online market participants that will enable
Petrel to maintain its revenue growth potential. A further example of Petrel's
ability to respond to market needs was the launch in October 2021 of a new
portable product hire service. In addition, management continue to monitor
trends in the market by adapting Petrel's existing product range and
developing new products to expand its offering as new technology continues to
evolve.
The Board is confident that Chamberlin is now positioned for a growing and
profitable future and that this is expected to be reflected in shareholder
returns as the Group progresses its revised strategy.
Keith Butler-Wheelhouse
Chairman
Consolidated Income Statement
for the six months ended 30 November 2021
Note Unaudited Unaudited 14 months ended
six months ended
six months ended
31 May 2021
30 November 2021
30 September 2020
Underlying # Non-underlying Total Underlying # Non-underlying Total Underlying # Non-underlying Total
£000 £000 £000 £000 £000 £000 £000 £000 £000
Revenue 2 8,013 - 8,013 11,044 - 11,044 26,444 - 26,444
Cost of sales (6,636) - (6,636) (9,458) - (9,458) (24,262) - (24,262)
Gross profit 1,377 - 1,377 1,586 - 1,586 2,182 - 2,182
Other operating expenses 7 (1,409) 50 (1,359) (1,798) (247) (2,045) (5,083) (7,193) (12,276)
Operating (loss)/profit (32) 50 18 (212) (247) (459) (2,901) (7,193) (10,094)
Interest receivable - - - - - - 13 - 13
Finance costs 3 (104) - (104) (99) - (99) (310) - (310)
(Loss)/profit before tax (136) 50 (86) (311) (247) (558) (3,198) (7,193) (10,391)
Tax credit/(expense) 4 188 - 188 (104) - (104) 817 - 817
Profit/(loss) for the period attributable to equity holders of the Parent 52 50 102 (415) (247) (662) (2,381) (7,193) (9,574)
Company
Earnings/(loss) per share:
Basic 5 0.1p - 0.1p (5.2)p (3.1)p (8.3)p (13.7)p (41.4)p (55.1)p
Diluted 0.1p - 0.1p (5.2)p (3.1)p (8.3)p (13.7)p (41.4)p (55.1)p
(# )Non-underlying items include restructuring costs, hedge ineffectiveness,
impairment of assets, dilapidation costs and share-based payment costs
together with the associated tax impact.
Consolidated Statement of Comprehensive Income
for the six months ended 30 November 2021
Unaudited Unaudited 14 months ended
six months ended
six months ended
31 May
30 November
30 September
2021
2021
2020
£000 £000 £000
Profit/(loss) for the period 102 (662) (9,574)
Other comprehensive income
Ineffective portion of movement in cash flow hedges recycled to income - 124 -
statement
Movements in fair value of cash flow hedges taken to other comprehensive (69) (102) 650
income
Deferred tax on movements in cash flow hedges 17 17 (133)
Net other comprehensive (expense)/income that may be recycled to profit and (52) 39 517
loss
(42) (611) 463
Re-measurement (losses)/gains on pension scheme assets and liabilities
Deferred tax on re-measurement (losses)/ gains on pension assets and 8 116 7
liabilities
Net other comprehensive (expense)/ income that will not be reclassified to (34) (495) 470
profit and loss
(86) (456) 987
Other comprehensive (expense)/income for the period net of tax
Total comprehensive income/(expense) for the period attributable to equity
holders of the Parent Company
16 (1,118) (8,587)
Consolidated Balance Sheet
at 30 November 2021
Unaudited Unaudited 31 May
30 November
30 September
2021
2021
2020
£000 £000 £000
Non-current assets
Property, plant and equipment 2,515 6,809 2,431
Intangible assets 244 303 263
Deferred tax assets 1,402 657 1,206
4,161 7,769 3,900
Current assets
Inventories 2,264 2,577 1,698
Trade and other receivables 3,160 4,434 3,932
Cash at bank 6 505 1,038
5,430 7,516 6,668
Total assets 9,591 15,285 10,568
Current liabilities
Financial liabilities 2,573 3,264 1,715
Trade and other payables 6,429 5,937 8,031
9,002 9,201 9,746
Non-current liabilities
Financial liabilities 1,007 1,941 1,158
Deferred tax liabilities 107 57 150
Provisions 890 200 890
Defined benefit pension scheme deficit 1,077 2,442 1,190
3,081 4,640 3,388
Total liabilities 12,083 13,841 13,134
Capital and reserves
Share capital 2,051 1,990 2,051
Share premium 4,720 1,269 4,720
Capital redemption reserve 109 109 109
Hedging reserve 166 (260) 218
Retained earnings (9,538) (1,664) (9,664)
Total equity (2,492) 1,444 (2,566)
Total equity and liabilities 9,591 15,285 10,568
Consolidated Cash Flow Statement
for the six months ended 30 November 2021
Unaudited Unaudited 14 months ended
six months ended
six months ended
31 May
30 November
30 September
2021
2021
2020
£000 £000 £000
Operating activities
Loss for the period before tax (86) (558) (10,391)
Adjustments for:
Interest receivable - - (13)
Net finance costs 104 99 310
Impairment charge on property, plant and equipment, inventory and receivables
(84) - 4,632
Dilapidations provision - - 690
Hedge ineffectiveness - 124 -
Depreciation of property, plant and equipment 176 483 1,135
Amortisation of software 9 29 53
Amortisation of development costs 14 10 33
Loss on disposal of property plant and equipment - - 135
Foreign exchange rate movements (1) (22) 37
Share-based payments 34 17 41
Defined benefit pension contributions paid (165) (150) (355)
Group reorganisation costs paid (1,246) - -
(Increase)/decrease in inventories (566) 13 175
Decrease in receivables 779 1,711 2,036
(Decrease)/increase in payables (442) (1,652) 1,009
Corporation tax received - - 129
Net cash (outflow)/inflow from operating activities (1,474) 104 (344)
Investing activities
Purchase of property, plant and equipment (197) (73) (183)
Purchase of software (4) - (3)
Development costs - - (5)
Net cash outflow from investing activities (201) (73) (191)
Financing activities
Interest received - - 13
Interest paid (94) (77) (261)
Net invoice finance drawdown/(repaid) 1,011 301 (1,202)
New share capital issued - - 3,312
Proceeds from convertible loan - - 200
Finance lease payments (274) (208) (946)
Net cash inflow from financing activities 643 16 1,116
Net (decrease)/increase in cash and cash equivalents
(1,032) 47 581
Cash and cash equivalents at the start of the period 1,038 457 457
Impact of foreign exchange rate movements - 1 -
Cash and cash equivalents at the end of the period 6 505 1,038
Cash and cash equivalents compromise:
Cash at bank 6 505 1,038
Consolidated Statement of Changes in Equity
for the six months ended 30 November 2021
Share capital Share premium Capital redemption reserve Hedging reserve Retained earnings Total equity
£000 £000 £000 £000 £000 £000
At 1 April 2020 1,990 1,269 109 (299) (524) 2,545
Loss for the period - - - - (662) (662)
Other comprehensive income/(expense) for the period net of tax - - - 39 (495) (456)
Total comprehensive income/(expense) - - - 39 (1,157) (1,118)
Share-based payments - - - - 17 17
Deferred tax on share-based payments - - - - - -
Total of transactions with shareholders - - - - 17 17
At 30 September 2020 1,990 1,269 109 (260) (1,664) 1,444
Loss for the period - - - - (8,912) (8,912)
Other comprehensive income for the period net of tax - - - 478 965 1,443
Total comprehensive income/(expense) - - - 478 (7,947) (7,469)
New share capital issued 61 3,451 - - - 3,512
Share-based payments - - - - 24 24
Deferred tax on share-based payments - - - - (77) (77)
Total of transactions with shareholders 61 3,451 - - (53) 3,459
At 1 June 2021 2,051 4,720 109 218 (9,664) (2,566)
Profit for the period - - - - 102 102
Other comprehensive expense for the period net of tax - - - (52) (34) (86)
Total comprehensive (expense)/income - - - (52) 68 16
Share-based payments - - - - 34 34
Deferred tax on share-based payments - - - - 24 24
Total of transactions with shareholders - - - - 58 58
At 30 November 2021 2,051 4,720 109 166 (9,538) (2,492)
Notes to the Interim Financial statements
1 General information and accounting policies
The unaudited interim condensed consolidated financial statements do not
comprise the Group's statutory accounts as defined by section 434 of the
Companies Act 2006. Statutory accounts for the 14 months ended 31 May 2021
were approved by the Board of Directors on 30 November 2021 and filed at
Companies House. The auditor's report on those accounts was unqualified but
contained an emphasis of matter paragraph relating to a material uncertainty
regarding going concern.
Basis of preparation
The Group's financial statements have been prepared in accordance with
International Accounting Standards in conformity with the requirements of the
Companies Act 2006.
The condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with AIM Rules issued by the
London Stock Exchange.
Accounting policies
The principal accounting policies applied in preparing the interim Financial
Statements comply with IFRS as adopted by the European Union and are
consistent with the policies set out in the Annual Report and Accounts for the
14 months ended 31 May 2021.
No new standards or interpretations issued since 31 May 2021 have had a
material impact on the financial statements of the Group.
Going concern
The Group's detailed forecast for the year ending 31 May 2022 and budget for
the year ending 31 May 2023 reflect the Director's view of the most likely
trading conditions. The forecast and budget indicate that existing bank
facilities are expected to remain adequate.
The forecast and budget include revenue growth assumptions in the second half
of the year to 31 May 2022 and continuing into the year ended 31 May 2023,
which is needed to replace the lost BorgWarner contracts. These assumptions
include growth into new E-commerce and consumer-led markets relating to
fitness equipment and cookware following the recent launch of the Iron Foundry
Weights (IFW) and Emba Cookware brands.
The Directors have applied reasonably foreseeable downside sensitivities to
the forecast and budget, which assumes that sales growth from new E-commerce
products is 50% lower than expectations, automotive volumes remain at current
low levels and non-automotive sales growth is 50% lower than expectations. The
budget, forecast and sensitised scenario exclude the possible receipt of
compensation from BorgWarner and proceeds from the sales of under-utilised
machinery. Furthermore, the Group is reliant on an invoice finance facility to
fund its working capital needs. The renewal of the facility at the next annual
review in March 2022 cannot be guaranteed, although there are no indications
at the date of the approval of the financial statements that a renewal with
the existing provider would not be granted or that alternative providers could
not be found. In addition, the Directors have assumed that deferred settlement
terms will be agreed with HMRC in relation to PAYE arrears of £1.3m for one
subsidiary in the Group that have arisen in the period since the announcement
by BorgWarner, having already agreed deferred settlement terms with HMRC for
two subsidiaries.
As a consequence, after making enquiries, the Directors have an expectation
that, in the circumstances of the reasonably foreseeable downside scenarios
described above, the Group and Company have adequate resources to continue in
operational existence for the foreseeable future.
However, the rate at which new work can be secured to replace the lost
BorgWarner activity is difficult to predict. Furthermore, the ability to renew
or source alternative invoice finance facilities or to agree deferred
settlement terms with HMRC results in material uncertainty, which may cast
significant doubt over the ability of the Group and the Company to realise its
assets and discharge its liabilities in the normal course of business and
hence continue as a going concern.
The Directors continue to adopt the going concern basis, whilst recognising
there is material uncertainty relating to the above matters.
2 Segmental analysis
For management purposes, the Group is organised into two operating divisions:
Foundries and Engineering. The operating segments reporting format reflects
the Group's management and internal reporting structures for the Chief
Operating Decision Maker.
Revenue Operating (loss)/ profit
Unaudited Unaudited Unaudited Unaudited
six months six months 14 months ended six months six months 14 months ended
ended ended 31 May ended ended 31 May
30 November 30 September 2021 30 November 30 September 2021
2021 2020 2021 2020
£000 £000
£000 £000 £000 £000
Foundries 6,469 9,958 23,321 120 201 (1,931)
Engineering 1,544 1,086 3,123 193 21 191
Segmental results 8,013 11,044 26,444 313 222 (1,740)
Shared costs (345) (434) (1,161)
Non-underlying items (Note 7) 50 (247) (7,193)
Net finance costs (104) (99) (297)
Loss before tax (86) (558) (10,391)
The Foundries segment is a supplier of iron castings, in raw or machined form,
to a variety of industrial customers who incorporate the castings into their
own products or carry out further machining or assembly operations on the
castings before selling them on. The Engineering segment provides
manufactured hazardous area lighting products to distributors and end-users.
Financing and income tax are managed on a Group basis and are not allocated to
operating segments.
3 Finance costs
Unaudited Unaudited 14 months ended
six months ended
six months ended
31 May
30 November
30 September
2021
2021 2020
£000 £000 £000
Interest on bank financing facilities (23) (52) (103)
Interest expense on lease liabilities (71) (25) (158)
Net interest on defined benefit pension liability (10) (22) (49)
(104) (99) (310)
4 Income tax expense
An estimated effective rate of tax for the six months to 30 November 2021 of
218.6% (30 September 2020: 18.6%) has been used in these interim statements.
This rate differs to the standard corporation tax rate of 19% due primarily
due to the recognition of a deferred tax asset on certain trading losses,
accelerated capital allowances and short-term timing differences. The
corporation tax rate remained at 19% for the 14 months ended 31 May 2021.
5 Earnings/(loss) per share
The calculation of earnings/(loss) per share is based on the profit/(loss)
attributable to shareholders and the weighted average number of ordinary
shares in issue. In calculating the diluted loss per share, adjustment has
been made for the dilutive effect of outstanding share options where
applicable. Underlying earnings/(loss) per share, which excludes
non-underlying items and the related tax thereon as disclosed in Note 7, as
analysed below, has been disclosed as the Directors believe this allows a
better assessment of the underlying trading performance of the Group.
Unaudited Unaudited 14 months ended
six months ended six months ended 31 May
30 November 30 September 2021
2021 2020
£000 £000 £000
Profit/(loss) after tax for basic earnings per share 102 (662) (9,574)
Non-underlying operating items (50) 247 7,193
Taxation effect of the above - - -
Profit/(loss) for underlying earnings per share 52 (415) (2,381)
Unaudited Unaudited 14 months ended
six months ended six months ended 31 May
30 November 30 September 2021
2021 2020
000 000 000
Weighted average number of ordinary shares 69,625 7,958 17,387
Adjustment to reflect dilutive shares under option 3,581 217 3,798
Diluted weighted average number of ordinary shares 73,206 8,175 21,185
There is no adjustment for the shares under option in the diluted loss per
share calculation for the six months ended 30 September 2020 and the 14
months ended 31 May 2021 as they are required to be excluded from the weighted
average number of shares as they are anti-dilutive.
6 Pensions
The Group operates a defined benefit pension scheme and a defined contribution
pension scheme on behalf of its employees. For the defined contribution
scheme, contributions paid in the period are charged to the income
statement. For the defined benefit scheme, actuarial calculations are
performed in accordance with IAS 19 in order to arrive at the amounts to be
charged in the income statement and recognised in the statement of
comprehensive income. The defined benefit scheme is closed to new entrants
and future accrual.
Under IAS 19, the Group recognises all movements in the actuarial funding
position of the scheme in each period. This is likely to lead to volatility
in shareholders' equity from period to period.
The IAS 19 figures are based on a number of actuarial assumptions as set out
below, which the actuaries have confirmed they consider appropriate. The
projected unit credit actuarial cost method has been used in the actuarial
calculations.
30 November 30 September 31 May
2021 2020 2021
Salary increases n/a n/a n/a
Pension increases (post 1997) 3.2% 2.8% 3.1%
Discount rate 1.6% 1.4% 1.85%
Inflation assumption - RPI 3.3% 2.85% 3.2%
Inflation assumption - CPI 2.6% 1.95% 2.5%
The demographic assumptions used for 30 November 2021 were the same as those
used at 31 May 2021, and were based on the last full actuarial valuation
performed as at 31 March 2019. The contributions expected to be paid during
the year to 31 May 2022 are £335,000. The next triennial valuation is due as
at 31 March 2022.
The defined benefit scheme funding has changed under IAS 19 as follows:
Unaudited Unaudited
30 November 30 September 31 May
Funding status 2021 2020 2021
£000 £000 £000
Scheme assets at end of period 16,156 15,789 15,601
Benefit obligations at end of period (17,233) (18,231) (16,791)
Deficit in scheme (1,077) (2,442) (1,190)
Related deferred tax asset 269 415 297
Net pension liability (808) (2,027) (893)
The reduction in the net pension liability since 31 May 2021 is mainly due to
employer contributions and investment returns partially offset by an increase
in the value of liabilities as a consequence of a reduction in bond yields
reducing the discount rate.
7 Non-underlying items
Unaudited Unaudited 14 months ended
six months ended six months ended 31 May
30 November 30 September 2021
2021 2020
£000 £000 £000
Group reorganisation - 106 1,310
Adviser costs relating to corporate restructuring - - 520
Hedge ineffectiveness - 124 -
Impairment of property, plant and equipment - - 3,809
Impairment of inventory and receivables (84) - 823
Dilapidations provision - - 690
Share-based payment charge 34 17 41
Non-underlying operating income/(costs) (50) 247 7,193
Taxation
- tax effect of non-underlying costs - - -
(50) 247 7,193
In the six months ended 30 November 2021, the Group secured the recovery of
receivables of £84,000 that had previously been impaired.
8 Net debt
Unaudited Unaudited
30 November 30 September 31 May
2021 2020 2021
£000 £000 £000
Financial liabilities
Net cash (6) (505) (1,038)
Lease liabilities 1,065 1,003 1,050
Invoice finance liability 1,508 2,261 665
Net debt due in less than one year 2,567 2,759 677
Lease liabilities due in more than one year 1,007 1,941 1,158
Net debt 3,574 4,700 1,835
9 Interim report
This interim results statement is available on the Group's website,
www.chamberlin.co.uk.
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