LONDON (ShareCast) - (ShareCast News) - Specialist castings and engineering group Chamberlin updated the market on its trading for the financial year to 31 March on Wednesday, reporting that revenues for the first six months of the current financial year were in line with management expectations.
The AIM-traded company's board said that reflected "overall good levels" of demand across the foundry and engineering businesses.

However, it added that margins within the group's foundry businesses had been adversely affected by production issues.

At the new machining facility, technical difficulties created cost inefficiencies and extended cycle times.

Chamberlin said it was addressing those issues, and was working "very closely" with the machine and tooling suppliers to rectify the situation.

"While management still expects group revenues for the year to be substantially ahead of the prior year, underlying profits are now expected to be in-line year with the prior year," the company's board said in its statement.

"The two engineering operations, Exidor and Petrel, continue to trade in line with expectations, and demand for turbocharger bearing housings, a key growth driver for the group, continues to grow."

Results for the half year to 30 September were expected to be published towards the end of November, when a further update on current trading would be provided, Chamberlin's board said.

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