LONDON (ShareCast) - (Sharecast News) - Foundry operator Chamberlin saw losses narrow in the first half of its trading year as sales picked up following an increase in production volumes of turbocharger bearing housings.
The AIM-listed outfit narrowed pre-tax losses 40.5% to £0.485m in the six months ended 30 September as revenues at its Walsall and Scunthorpe foundries shot up 24% to £15.4m.

Gross margins contracted to 12.6% from 17.9% in the second half of the 2017 trading year.

However, Chamberlin assured investors inefficiencies throughout its foundry division had now been resolved and was expecting to deliver an improved performance in the second half of its trading year despite a "difficult" backdrop.

Losses per share were cut to 3.34p from the 13.81p recorded a year earlier.

Chairman Keith Butler-Wheelhouse said: "Production volumes at our foundry operations rose significantly over the period, reflecting the ramping up of major contracts and the increasing use of turbochargers in both hybrid vehicles and petrol engine cars to improve fuel efficiency."

"We remain focused on the further development of our core operations."

As of 1130 GMT, Chamberlin shares had slumped 6.75% to 76p.

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