By Michael Susan
Chamberlin PLC said on Friday it expected to report a return to profit for the 2022 financial year, the first time in five years, and a decline in revenue, but the 2023 financial year started strongly despite the backdrop macroeconomic.
The British castings and engineering group said it expected to report net profit of 100,000 pounds ($120,240) for the year to May 31, in line with market expectations. The company reported a net loss of £9.6 million in the 14 months to May 31, 2021.
However, revenue is expected to be around £16.5m, while in the 14 months to the end of May 2021 it was £22.7m, he said.
The company said it started fiscal 2023 with higher-than-expected orders and strong backlogs in all of its divisions, despite macroeconomic challenges.
The company added that it expects to record record levels of growth in revenue and operating profit from its precision engineering business, Petrel Ltd, and heavy casting technology foundry Russell Ductile Castings Ltd. , due to high demand.
However, its Chamberlin & Hill Castings Ltd machining center in Walsall continues to operate at a loss with a slower-than-expected recovery.
Shares at 0753 GMT rose 0.15 pence, or 3.2%, to 4.9 pence.
Write to Michael Susin at [email protected]