Walsall engineering firm expects loss of ‘at least’ £4m
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Walsall castings and engineering firm Chamberlin, says will make a loss of of no less than £4m when it finally publishes its full yeat results for the period ending May 31.
Chamberlin says it will publish financials for the 14-month period in “late November” after its audit timetable was impacted by the pandemic and a change in auditor and management team following a restructure of the company.
The board has previously it expects to make a deficit of “not less than £4m”, on turnover for the period of £26m, including sales of £7.5m to BorgWarner, before this contract was lost. This loss contains the majority of the restructuring and rationalisation costs.
A statement from Chamberlin said: “The current financial year has started well with group sales for the first quarter in line with management’s expectations. Net debt at 31 August 2021, including asset leases of £1.9m, was reduced to £3m (unaudited) (30 September 2020: £4.6m) and current cash headroom is comfortably in line with management expectations at £1.1m. The company has 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.”