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Chamberlin PLC - West Midlands-based castings and engineering company - Pretax loss in the year that ended May 31 narrows significantly as firm touts first post-tax profit for the first time in five years. Annual pretax loss narrows to £509,000 from a loss of £10.4 million in the 14 months to May 31, 2021. Swings to post-tax profit of £72,000 from a loss of £9.6 million, owing to a tax credit of £581,000. Revenue falls 36% to £16.8 million from £26.4 million. Cost of sales narrows 38% to £15.0 million from £24.3 million. Other operating expenses decrease to £2.0 million from £12.3 million.
"This is the first time in over five years that Chamberlin has reported a profit after tax to shareholders and is the first step towards our future growth ambitions," Chair Keith Butler-Wheelhouse says.
Looking ahead, the firm says it "is well positioned to continue its recovery and expects to return to a more sustainable level of profitability, having taken the appropriate steps to reduce its cost base and improve performance at Chamberlin & Hill Castings, and to develop and invest in new growth strategies for each business".
Current stock price: 4.40 pence
12-month change: down 40%
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