Chamberlin looks to the future after year to forget
Engineering firm Chamberlin has ended a torrid year by finally posting its full-year results to March 31 2020.
Revenue during the period dropped from £33m to £26.1m, while Chamberlin posted a loss before tax £2.3m – which included £800,000 of restructuring costs.
The company has been hit hard by Covid-19 and in December 2020 lost its biggest customer BorgWarner. It subsequently undertook a £3.5m share issue in March of this year in order to keep afloat.
Chamberlin also released its interim results for the six momnths to September 30 this morning, which painted a more optimistic outlook. Revenues fell only slightly to £11m, while losses were reduced to £600,000 – down from £1.8m in the previous year.
Chairman, Keith Butler-Wheelhouse, said: “Management are confident that sales at Chamberlin will stabilise in the first half of the 2021/22 financial year and will then grow from the post BorgWarner low, with the growth gathering pace in the second half. The board expects growth from all business units and a return to profitability and cash generation post our restructuring.”