Chamberlin PLC (AIM: CMH) posted its first net profit in five years, with profits from a massive restructuring program offsetting supply chain disruptions and rising commodity prices.
The group said it had also been able to absorb the upfront marketing costs incurred in establishing the Emba cookware and Iron Foundry Weights e-commerce businesses.
“This reduction in losses is due to the substantial improvement in the operating profit of RDC and Petrel and the benefits of the rationalization of the cost base at Chamberlin & Hill Castings and the head office of the Group undertaken at the end of the previous fiscal year. “, says the press release. .
Chamberlin added that he planned to make a profit in the second half of the year and start using £ 4million in accumulated tax losses.
Keith Butler-Wheelhouse, President, added, “Chamberlin is now well positioned to generate profitable growth in the second half of the year, driven by a new strategic focus on expanding markets across all of our businesses. “
Middle income fell to £ 8million (£ 11million) with a drop at BorgWarner (NYSE: BWA) offset by growth at Russell Ductile Castings and Petrel and early e-commerce revenue.
Net interim profits were £ 102,000 compared to a loss of £ 662.00.
Stocks jumped 20% to 7.63p
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