29 November 2011 – interim results

Interim results to 30 September from the specialist engineering group Chamberlin are impressive with the group reporting increased revenues, profits and earnings per share.  The group has also declared an interim dividend.  Revenues for the period increased by 25% to £23.0m (2010: £18.3m) as its foundry activities continued to improve with all three foundries operating above pre-recession levels.  Underlying pre-tax profits increased almost fivefold to £797,000 (2010: £168,000) with earnings per share on the same basis up over 6 times at 8.3p (2010: 1.3p).  An interim dividend of 1.0p has been declared.  At the end of the period net debt stood at £2.04m (31 March 2011: £2.88m) with part of the reduction being due to a placing in July which raised £500,000.  These were very good results in the circumstances and the shares are a BUY.