Chamberlin issues profit warning

WALSALL-based foundry group Chamberlin has issued a profit warning as a result of softening market conditions.

In a statement to the Stock Exchange this morning, the firm provided an update on trading for the financial year to March 31.

It said: “At half year results, we reported that there were uncertainties to the general economic outlook in 2013. Since then, market conditions for our foundry operations have materially softened and activity in several of our sectors has reduced, which has resulted in customers reducing orders or deferring them to a later date.

“As a result, the board expects that the group will deliver pre-tax profits below current market forecasts for the full year.

“Notwithstanding the difficult conditions, Chamberlin remains cash generative and well-placed operationally. The group’s focus on developing customer relationships in both new and existing sectors remains and is progressing well.

“The board continues to view medium-term prospects positively.”