Chamberlin PLC – Half-year Report

Key Points

·      H1 results reflect tough trading conditions and a restructuring programme to align the cost base leading to improved start to H2

·      Revenues at £12.8m (2018: £17.4m)

·      Operating loss before restructuring costs £1.0m (2018 restated: loss £0.4m). Operating loss after restructuring costs £1.7m (2018 restated: £0.4m)

·      Major downsizing of operations with 28% reduction in headcount, non-recurring restructuring charge of £0.7m

·      Loss before tax of £1.8m (2018 restated: loss of £0.6m).

·      Net debt at 30 Sept 2019 at £6.1m (31 March: 2019 £5.4m)

·      Enhanced prospects for H2 due to new contracts and reduced cost base

  

Chairman, Keith Butler-Wheelhouse, commented: 

“The first half of the year has seen significant efforts going into the restructuring of the business as well as a drive to win new business.  The restructuring is now, in the main, complete. Looking ahead the Board is cautiously optimistic that the lower cost base and prospective revenue gains will benefit Chamberlin over the years ahead.”