Engineering group forecasts return to profitability

Engineering group Chamberlin expects a “return to profitability” this year after radically overhauling the business and shifting into consumer products it can sell online.

The AIM-listed foundry business lost a major contract with BorgWarner last year, which forced it to restructure and refinance its operations.

Those costs and write downs will result in a loss being reported for its 2021 financial year, which ended in May. In March it also announced 100 redundancies.

But today the Walsall-based company has said it is now “well positioned to make a strong recovery”.

Chamberlin is diversifying its customer base to reduce its reliance on the automotive sector and move into products it can sell online direct to consumers.

It said: “We have already received considerable interest in our growing gym equipment range and now are preparing to launch a range of premium quality cast iron cookware for distribution across Europe. We are pleased to be the only British foundry producing many of these new consumer products.”

More to follow.