REG - Chamberlin PLC - Half Yearly Results <Origin Href="QuoteRef">CMH.L</Origin> - Part 1

ChamberlinAnnouncement

25/11/2014 08:50

RNS Number : 8655X
Chamberlin PLC
25 November 2014
AIM: CMH
CHAMBERLIN PLC
("Chamberlin" or "the Group")
Half Year Results
For the six months to 30 September 2014
Key Points
 H1 results show continuing progress in business turnaround 
- cost reduction programme has aided return to profitability
 Revenues up 8.2% to 21.1m (2013: 19.5m)
- foundry division revenues up 8.5% to 16.0m 
- engineering division revenues up 7.1% to 5.1m 
 Underlying* profit before tax of 0.4m (2013: loss of 0.6m) 
On an IFRS basis, profit before tax of 0.3m (2013: loss of 1.2m)
 Cash inflow from operations of 0.5m (2013: cash outflow of 0.3m)
 Net debt at 30 September 2014 of 3.8m (31 March 2014: 3.6m and 30 September 2013: 2.3m)
 Diluted underlying* earnings per share of 3.9p (2013: loss per share of 6.8p)
On an IFRS basis, basic earnings per share of 2.6p (2013: loss per share of 11.9p)
 Post period, two major contract wins by Walsall foundry respectively worth: 
- 6.7m over four years 
- 26.0m over eight years 
 Board expects full year results to be in line with current market expectations
*All underlying figures are stated before net financing costs on pension obligations, administration costs of the pension scheme, exceptional costs, share-based payment costs and associated tax impact.
Chairman, Keith Butler-Wheelhouse, commented, 
"Results for the first half show a significant improvement on the same period last year, and most importantly, Chamberlin has moved back into profitability. This reflects a combination of factors including management actions to address the cost base, a strong performance from the Walsall foundry, helped by improved conditions in the turbocharger bearing housing market, and the engineering division delivering improved sales and profits.
Actions to deliver the ongoing turnaround of the business continue. The new executive team remains focused on measures to achieve further cost efficiencies and improve processes. At the same time, we are working on new business development and further refining growth plans. The two major new contracts wins we announced on 17 October and 18 November are highly encouraging. While there are clear challenges, the whole organisation remains focused on our business turnaround plans and therefore we believe that the Group remains positioned to deliver current market forecasts for the full year."


Enquiries
 
Chamberlin plc
Kevin Nolan, Chief Executive
David Roberts, Finance Director

T: 020 3178 6378 (today) / 01922 707100



Charles Stanley Securities  
(Nominated Adviser and Broker)
Russell Cook / Carl Holmes

T: 020 7149 6000



KTZ Communications
(Financial PR)
Katie Tzouliadis / Deborah Walter

T: 020 3178 6378
CHAIRMAN'S STATEMENT
Introduction
Chamberlin's results for the first half of the financial year show a significant improvement on the same period last year with revenues up by 8.2% to 21.1m. Most importantly, the Group has moved back into profitability, with underlying profit before tax at 0.4m against an underlying loss of 0.6m last year. This encouraging improvement in trading results reflects a combination of factors including management actions to address the cost base, a strong performance from the Walsall foundry, which was helped by improved conditions in the turbocharger bearing housing market, and the engineering division also delivering improved sales and profits. 
Actions to deliver the ongoing turnaround of the business continue. The new executive team remains focused on measures to achieve further cost efficiencies and improve processes. At the same time, we are working on business development and further refining growth plans. The two major new contracts wins we announced on 17 October and 18 November are highly encouraging and will help to support further expected progress in the second half of the year and beyond. 
Results 
Revenues for the six months to 30 September 2014 were 8.2% up on the same period last year at 21.1m (2013: 19.5m). This helped to support a turnaround in profitability, with underlying profit before tax of 0.4m against an underlying loss before tax of 0.6m in 2013. Diluted underlying earnings per share was 3.9p (2013: loss per share of 6.8p). All underlying figures are stated before net financing costs on pension obligations, administration costs of the pension scheme, exceptional costs, share-based payment costs and associated tax impact.
The Group also moved back into profit on IFRS basis. Profit before tax was 0.3m (2013: loss of 1.2m) and the diluted earnings per share was 2.5p (2013: loss per share of 11.9p).
The net debt position at 30 September 2014 showed an increase of 0.2m to 3.8m from the net debt position at 31 March 2014 of 3.6m (30 September 2013: 2.3m). This reflected increased receivables of 0.5m. As previously reported, the Group has new debt facilities in place totalling 7.2m. Over the period, the Group generated operating cash inflow of 0.5m (2013: outflow of 0.3m). 
Dividend
No dividend is proposed for the period under review.
Operations
Revenues from the foundry division, which comprises three foundries at Walsall, Leicester and Scunthorpe, increased by 8.5% to 16.0m (2013: 14.8m) and the division contributed an operating profit of 0.9m against an operating loss of 0.3m in the same period last year. The sales growth and our continued focus on cost reduction drove the Group's return to profitability.
The Walsall foundry, which specializes in producing high volume small castings with complex internal geometry, led the foundry division's revenue growth. The foundry is a well-established supplier of bearing housings for automotive turbochargers. Revenues at Walsall increased by 17.8% on the prior year. The two major contract wins that we announced on 17 October and 18 November will help to underpin growth. Both wins were for the supply of turbo charger bearing housing for diesel engines in passenger cars. They are respectively worth 6.7 million over four years and 26.0m over eight years and commence on 1 January 2015. 
As previously reported, revenues at the Scunthorpe foundry, which produces heavy castings, were adversely affected by market softening in power, construction and mining sectors. Demand has remained subdued and revenues are down 5.1% on the same period last year. We are continuing to focus on the foundry's cost base and are seeing some signs of returning volumes with existing customers. 
The foundry at Leicester, which produces medium castings, showed growth of 6.4% over the same period last year. Operationally, the foundry's position has improved with reduced levels of scrap and significant productivity improvement. 
The engineering division, which comprises Exidor, the UK market leader in panic and emergency exit door hardware, and Petrel, which manufactures lighting and control equipment for use in hazardous areas, continues to make steady progress. Revenues were 7.1% higher than the same period last year at 5.1m (2013: 4.7m) and the division's operating profit contribution improved to 0.3m from 0.2m last year. 
Outlook
The new executive team is making progress with business turnaround and Chamberlin's move back into profitability is encouraging. There is still work to be done and we are paying particular attention to the Scunthorpe and Leicester foundries in order to deliver improvements to their respective performances. 
Looking ahead, while there are clear challenges, we remain focused on our business turnaround plans and believe that the Group remains positioned to deliver current market forecasts for the full year. 
Keith Butler-Wheelhouse
Chairman
24 November 2014


Consolidated Income Statement
for the six months ended 30 September 2014
Note
Unaudited
six months ended
30 September 2014
Unaudited
six months ended
30 September 2013
Year ended
31 March 2014


Underlying
# Non-underlying
 Total
Underlying
# Non-underlying
Total
Underlying
# Non-underlying 
 Total


000
000
000
000
000
000
000
000
000
Revenue 

21,082
-
21,082
19,487
-
19,487
38,562
-
38,562
Cost of sales

(17,089)
-
(17,089)
(16,821)
-
(16,821)
(32,413)
-
(32,413)
Gross profit

3,993
-
3,993
2,666
-
2,666
6,149
-
6,149
Other operating expenses
7
(3,464)
(74)
(3,538)
(3,274)
(443)
(3,717)
(6,905)
(1,142)
(8,047)
Operating profit/(loss)

529
(74)
455
(608)
(443)
(1,051)
(756)
(1,142)
(1,898)
Finance costs
3
(103)
(73)
(176)
(31)
(80)
(111)
(62)
(156)
(218)
Profit/(loss) before tax

426
(147)
279
(639)
(523)
(1,162)
(818)
(1,298)
(2,116)
Tax (expense)/credit
4
(106)
31
(75)
95
120
215
214
298
512
Profit/(loss) for the period from continuing operations attributable to equity holders of the Parent Company

320
(116)
204
(544)
(403)
(947)
(604)
(1,000)
(1,604)











Earnings/(loss) per share:










Basic
5


2.6p


(11.9)p


(20.2)p
Underlying
5
4.0p


(6.8)p


(7.6)p


Diluted
5


2.5p


(11.9)p


(20.2)p
Diluted underlying
5
3.9p


(6.8)p


(7.6)p


# Non- underlying items represent exceptional costs as disclosed in note 7, administration costs of the pension scheme and net financing costs on pension obligations, share based payment costs and associated tax impact of these items.


Consolidated Statement ofComprehensive Income 
for the six months ended 30 September 2014

Unaudited
six months ended
30 September
2014
Unaudited
six months ended
30 September
2013

Year ended
31 March
2014


000

000

000







Profit/(loss) for the period

204

(947)

(1,604)
Other comprehensive income






Reclassification for cash flow hedges included in sales


(145)

131

162
Movements in fair value on cash flow hedges taken to other comprehensive income


181

248

199
Deferred tax on movements in cash flow hedges


(7)

(82)

(79)
Net other comprehensive income/(expense) that may be recycled to profit and loss

29

297

282
Re-measurement (losses)/gains on pension assets and liabilities


(379)

8

338
Deferred/ current tax on re-measurement (losses)/gains on pension assets and liabilities

80

(2)

(78)
Movement on deferred tax on re-measurement gains relating to tax rate change


-

(116)

(104)
Net other comprehensive (expense)/income that will not be reclassified to profit and loss 

(299)

(110)

156
Other comprehensive (expense)/income for the period net of tax


(270)

187

438
Total comprehensive (expense)/ income for the period attributable to equity holders of the Parent Company

(66)

(760)

(1,166)


Consolidated Balance Sheet
At 30 September 2014


Unaudited
30 September
2014

Unaudited
30 September
2013

31 March
2014 


000

000

000
Non-current assets






 Property, plant and equipment

7,798

8,416

7,907
 Intangible assets

470

508

456
 Deferred tax assets

1,219

1,103

1,196


9,487

10,027

9,559
Current assets






 Financial assets

126

-

-
 Inventories

3,722

3,615

3,734
 Trade and other receivables

8,052

7,392

7,508
 Current tax

-

-

38


11,900

11,007

11,280
Total assets

21,387

21,034

20,839







Current liabilities






 Financial liabilities

3,417

2,336

3,041
 Trade and other payables

6,615

7,266

6,641
 Provisions

26

26

26
 Current tax

-

95

-


10,058

9,723

9,708
Non-current liabilities






 Financial liabilities

500

-

600
 Defined benefit pension scheme deficit

3,822

3,864

3,493
 Deferred tax liabilities

105

66

98


4,427

3,930

4,191







Total liabilities

14,485

13,653

13,899







Capital and reserves






 Share capital

1,990

1,990

1,990
 Share premium

1,269

1,269

1,269
 Capital redemption reserve

109

109

109
 Hedging reserve

159

145

130
 Retained earnings

3,375

3,868

3,442
Total equity

6,902

7,381

6,940







Total equity and liabilities

21,387

21,034

20,839


Consolidated Cash Flow Statement
for the six months ended 30 September 2014


Unaudited
six months ended
30 September
2014

Unaudited
six months ended
30 September
2013

Year ended
31 March
2014


000

000

000
Operating activities






Profit/ (loss) for the period before tax

279

(1,162)

(2,116)
Adjustments for:






Net finance costs excluding pensions

103

31

62
Depreciation of property, plant and equipment

580

613

1,259
Amortisation of software

51

50

82
Amortisation of development costs

5

62

86
Profit on disposal of property plant and equipment

(23)

(1)

(29)
Share based payments

9

2

9
Difference between pension contributions paid and amounts recognised in the Income Statement 

(50)

(17)

(82)
Decrease/(increase) in inventories 

12

(284)

(403)
(Increase)/decrease in receivables

(507)

761

627
Decrease in payables

(26)

(391)

(992)
Cash in/(out) flow from operations

433

(336)

(1,497)
Income taxes received

38

-

-
Net cash in/(out) flow from operating activities 

471

(336)

(1,497)







Investing activities






 Purchase of property, plant and equipment

(498)

(847)

(1,018)
 Purchase of software

(70)

-

(4)
 Disposal of property, plant and equipment

50

18

80
Net cash outflow from investing activities

(518)

(829)

(942)







Financing activities






 Interest paid

(103)

(31)

(62)
 Dividends paid

-

(159)

(159)
 (Repayment)/issue of asset loans

(100)

-

800
 Net invoice finance drawdown

533

-

2,684
Net cash inflow/(outflow) from financing activities

330

(190)

3,263







Net increase/(decrease) in cash and cash equivalents

283

(1,355)

824







Cash and cash equivalents at the start of the period

(157)

(981)

(981)
Cash and cash equivalents at the end of the period

126

(2,336)

(157)
Cash and cash equivalents compromise:






Cash at bank/(overdraft)

126

(2,336)

(157)


Consolidated Statement of Changes in Equity
for the six months ended 30 September 2014

Share capital
Share premium 
Capital redemption reserve
Hedging reserve 
Retained earnings
Attributable to equity holders of the parent








000
000
000
000
000
000







At 1 April 2013
1,990
1,269
109
(152)
5,077
8,293
Loss for the period
-
-
-
-
(947)
(947)
Other comprehensive income for the period net of tax
-
-
-
297
(110)
187
Total comprehensive income
-
-
-
297
(1,057)
(760)
Dividends paid
-
-
-
-
(159)
(159)
Share based payments
-
-
-
-
2
2
Deferred tax on employee share options
-
-
-
-
5
5
Total of transactions with shareholders
-
-
-
-
(152)
(152)







At 30 September 2013
1,990
1,269
109
145
3,868
7,381







Loss for the period 
-
-
-
-
(657)
(657)
Other comprehensive income for the period net of tax
-
-
-
(15)
266
251
Total comprehensive income
-
-
-
(15)
(391)
(406)
Share based payments
-
-
-
-
7
7
Deferred tax on employee share options
-
-
-
-
(42)
(42)
Total of transactions with shareholders
-
-
-
-
(35)
(35)







At 1 April 2014
1,990
1,269
109
130
3,442
6,940







Profit for the period
-
-
-
-
204
204
Other comprehensive income for the period net of tax
-
-
-
29
(299)
(270)
Total comprehensive income
-
-
-
29
(95)
(66)
Share based payments
-
-
-
-
9
9
Deferred tax on employee share options
-
-
-
-
19
19
Total of transactions with shareholders
-
-
-
-
28
28







At 30 September 2014
1,990
1,269
109
159
3,375
6,902
Independent review report to Chamberlin plc
Introduction
We have been engaged by the Company to review the financial information in the half-yearly financial report for the six months ended 30 September 2014 which comprises the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Cash Flows, Consolidated Statement of Changes in Equity and the related notes. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. 
This report is made solely to the Company in accordance with guidance contained in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information performed by the Independent Auditor of the Entity'. Our review work has been undertaken so that we might state to the Company those matters we are required to state to them in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusion we have formed.
Directors' responsibilities  
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The AIM rules of the London Stock Exchange require that the accounting policies and presentation applied to the financial information in the half-yearly financial report are consistent with those which will be adopted in the annual accounts having regard to the accounting standards applicable for such accounts.
As disclosed in Note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The financial information in the half-yearly financial report has been prepared in accordance with the basis of preparation in Note 1.
Our responsibility 
Our responsibility is to express to the Company a conclusion on the financial information in the half-yearly financial report based on our review. 
Scope of review 
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the financial information in the half-yearly financial report for the six months ended 30 September 2014 is not prepared, in all material respects, in accordance with the basis of accounting described in Note 1. 
GRANT THORNTON UK LLP
AUDITOR
Birmingham
24 November 2014


Notes to the interim financial statements
1 General information and accounting policies
This Interim Financial Report is unaudited, but has been reviewed by the Company's auditor having regard to the International Standard on Review Engagements (UK & Ireland) 2410 "Review of Financial Information Performed by the Independent Auditor of the Entity", issued by the Auditing Practices Board for use in the UK. A copy of their unmodified review report is attached.
The 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 year ended 31 March 2014 were approved by the board of directors on 21 May 2014 and were filed at Companies House. The auditor's report on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498(2) or (3) of the Companies Act 2006.  
Basis of preparation
The annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with the AIM Rules issued by the London Stock Exchange.
Accounting policies
The principal accounting policies, comply with IFRS, applied in preparing the Interim Financial Statements, and are consistent with the policies set out in the Annual Report and Accounts for the year ended 31 March 2014. 
No new standards or interpretations issued since 31 March 2014 have had a material impact on the accounting of the Group.
Hedge activities
At 30 September 2014 the Group held 11 months' worth of foreign currency forward contracts designated as hedges of expected future sales to customers in Europe for which the Group has highly probable forecasted transactions
Going concern
After making appropriate enquiries, the directors consider that the Group has adequate resources to continue in operation for the foreseeable future. In forming this view the directors have reviewed internal cash flow and profit forecasts in conjunction with the available headroom on the invoice finance and overdraft facility. For this reason, they continue to adopt the going concern basis in preparing the accounts.
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.

Segmental revenue
Segmental operating profit 

Unaudited
6 months
ended 
30 Sep
2014
000
Unaudited 
6 months
ended 
30 Sep
2013
000
Year ended
31 March
2014
000
Unaudited 
6 months
ended 
30 Sep
2014
000
Unaudited 
6 months
ended 
30 Sep
2013
000
Year ended
31 March
2014
000







Foundries
16,028
14,766
29,056
875
(282)
(244)
Engineering
5,054
4,721
9,506
300
241
672
Segmental results
21,082
19,487
38,562
1,175
(41)
428







Reconciliation of reported segmental operating profit/(loss) to profit/(loss) before tax




Unaudited 
6 months
ended 
30 Sep
2014
000
Unaudited 
6 months
ended 
30 Sep
2013
000
Year ended
31 March
2014
000
Segmental operating profit/(loss) 



1,175
(41)
428
Shared costs



(646)
(633)
(1,184)
Exceptional and non-underlying costs



(74)
(377)
(1,142)
Net finance costs



(176)
(111)
(218)
Profit/(loss) before tax



279
(1,162)
(2,116)
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 and imported products to distributors and end-users. The products fall into the categories of door hardware, hazardous area lighting and control gear and cable management.
Financing and income tax are managed on a Group basis and are not allocated to operating segments.
3 Finance income and costs

Unaudited
six months ended
30 September
2014
Unaudited
six months ended
30 September
2013 
Year ended
31 March
2014

000
000
000
Interest on bank overdraft
(103)
(31)
(62)
Net interest on net defined benefit pension liability
(73)
(80)
(156)

(176)
(111)
(218)
4 Income tax expense
An effective rate of tax for the six months to 30 September 2014 of 27% (30 September 2013: 19%) has been used in these interim statements.
The effective rate of tax is higher than the standard rate because of non-deductible expenses for tax purposes. The 2013 effective rate of tax was lower than the standard rate because of the change in the corporation tax rate being applied to deferred tax assets, and non-deductible expenses for tax purposes. 
The corporation tax rate fell from 23% for the year ended 31 March 2014 to 21% for the year ended 31 March 2014. The corporation tax rate will fall to 20% from 1 April 2015, a rate change which was substantively enacted on 2 July 2013. It is not anticipated that the subsequent reduction to 20% will have a material effect on the Company's future current or deferred tax charges.
5 Earnings/ (loss) per share
The calculation of earnings/(loss) per share is based on the profit attributable to shareholders and the weighted average number of ordinary shares in issue. In calculating the diluted earnings per share, adjustment has been made for the dilutive effect of outstanding share options. Underlying earnings/(loss) per share, which excludes net financing cost of pension obligation, administration costs of the pension scheme and share based compensation, less related tax thereon, as analysed below, has been disclosed as the Directors believe this allows a better assessment of the underlying trading performance of the Group.

Unaudited 
six months ended 
30 September
2014
Unaudited 
six months ended 
30 September
2013
Year ended 
31 March
2014

000
000
000
Earnings/(loss) for basic earnings per share
204
(947)
(1,604)
Exceptional costs
-
377
1,002
Net financing cost and service cost on pension obligation 
138
144
287
Share based payments charge
9
2
9
Taxation effect of the above
(31)
(120)
(298)
Earnings/(loss) for underlying earnings per share
320
(544)
(604)

Unaudited 
six months ended 
30 September
2014
Unaudited 
six months ended 
30 September
2013
Year ended 
31 March
2014

000
000
000
Weighted average number of ordinary shares
7,958
7,958
7,958
Adjustment to reflect dilutive shares under option
179
-
-
Diluted weighted average number of ordinary shares
8,137
7,958
7,958
As at 30 September 2013 and 31 March 2014 respectively there is no adjustment for the 235,483 and 211,005 shares under option as they are required to be excluded from the weighted average number of shares for diluted (loss)/earnings per share as they are anti-dilutive for the period then ended.
6 Pensions
The Group operates a defined benefit pension scheme and a number of defined contribution pension schemes on behalf of its employees. For defined contribution schemes, 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 Company 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 September
2014
30 September
2013
31 March 
2014




Salary increases
n/a
n/a
n/a
Pension increases (post 1997)
3.1%
2.5%
3.2%
Discount rate
3.9%
4.3%
4.3%
Inflation assumption - RPI
3.1%
3.2%
3.3%
Inflation assumption - CPI
2.0%
2.1%
2.2%
During the period the triennial valuation as at 1 April 2013 was completed. The funding contributions for the full year are in line with those reported at the year end.
The demographic assumptions used for 30 September 2014, were the same as used in 31 March 2014, 30 September 2013 and the last full actuarial valuation performed as at 1 April 2013. 
The defined benefit scheme funding has changed under IAS 19 as follows:
Funding status
 Unaudited
6 months to
30 September
2014
000
 Unaudited
6 months to
30 September
2013
000
Year to
31 March
2014
000
Scheme assets at end of period
13,240
12,768
12,856
Benefit obligations at end of period
(17,062)
(16,632)
(16,349)




Deficit in scheme
(3,822)
(3,864)
(3,493)
Related deferred tax asset
764
773
699
Net pension liability
(3,058)
(3,091)
(2,794)




The increase in the net pension liability is mainly due to an increase in the value of liabilities as a consequence of a reduction in bond yields decreasing the discount rate. 
7 Exceptional costs and non-underlying items
Unaudited 
six months ended 
30 September
2014
Unaudited 
six months ended 
30 September
2013
Year ended 
31 March
2014

000
000
000
Prior CEO leaving costs
-
377
307
Group reorganisation
-
-
695
Exceptional costs
-
377
1,002




Share based payment charge/(credit)
9
2
9
Defined benefit pension scheme administration costs
65
64
131




Non-underlying other operating expenses
74
443
1,142




Taxation



- tax effect of non-underlying other operating expenses
(16)
(102)
(262)





58
341
880
Prior CEO leaving costs relate to contractual payments to be made to the former CEO, Tim Hair, and costs associated with the recruitment of the current CEO, Kevin Nolan.
During 2014 the Group rationalized its Foundry operations into one division, enabling the elimination of duplicate roles and implementation of best practice. Group reorganisation costs, including redundancy and recruitment, relate to this rationalisation. 
8 Net debt
Unaudited 
six months ended 
30 September
2014
Unaudited 
six months ended 
30 September
2013
Year ended 
31 March
2014

000
000
000
Financial assets



Cash at bank
126
-
-

126
-
-




Financial liabilities



Bank overdraft
-
2,336
157
Current instalments due on asset finance loans
200
-
200
Invoice finance liability
3,217
-
2,684
Financial liabilities due in less than 1 year
3,417
2,336
3,041
Instalments due on asset finance loans in greater than 1 year
500
-
600
Total financial liabilities
3,917
2,336
3,641




Net debt
3,791
2,336
3,641




Available facility
7,200
5,000
7,300
Available headroom
3,409
2,664
3,659
9 Dividends

Unaudited 
six months ended 
30 September
2014
Unaudited 
six months ended 
30 September
2013
Year ended 
31 March
2014
Paid equity dividends on ordinary shares



2014 final dividend of nil pence per share (2013: 2.0p per share)
-
159
159







The Board has suspended the payment of an interim dividend until justified by the trading performance of the Group.
10 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
  END
IR FEIFWLFLSEFF