Chamberlin back in the black
Walsall-based engineering group Chamberlin will tell its AGM today the group has "passed a turning point" and returned to profitability.
Chamberlin's chairman Tom Brown will tell the board that the financial year has allowed the company to return to profitability and will recommence the payment of dividends.
Results for the first quarter are also in line with expectations, the company will hear.
In a statement, Brown will tell the board: "Demand for our castings continues to strengthen and our light casting foundry at Walsall is now operating at above pre-recession levels as is our heavy castings foundry at Scunthorpe - which moved above pre-recession levels in the fourth quarter of the last financial year.
"Our Leicester foundry, producing mid-size castings with complex metallurgy, is seeing slower volume growth but the recovery trend also looks firm. Chamberlin's engineering operations, which account for approximately 20 per cent of revenues, are performing satisfactorily."
The company announced a share placing on 7 July 2011, which raised approximately £500,000. Brown said the placing left the group in a strong position to grow, including by acquisition.
