Walsall castings group Chamberlin has revealed that its annual operating losses will be £300,000 worse than had been expected.
The specialist castings and engineering group, which has its128-year-old Chamberlin and Hill foundry site in Chuckery Road and its new machining centre on the Maple Leaf Industrial Estate, had announced in February that although its trading position had been strengthened by the sale of Exidor in Cannock in December, trading conditions had toughened giving rise to an expected operating loss from continuing operations for the year to the end of March of approximately £600,000.
The Company is in the process of finalising the results for the year and following a final review with its auditors Chamberlin said it would be £300,000 worse off mainly reflecting a bad debt.
The annual results will also include a non-cash write-down of its assets of £3 million after a review of the value of its two sites in the foundry division.
The preliminary full-year figures, due to be issued on Tuesday, are expected to show a post-tax profit of £1.5m because of the impact of the sale of emergency exit hardware business Exidor.
Chamberlin had also announced previously that the board has implemented a number of cost-reduction measures, which has involved re-organisation and other costs necessary to rationalise the business.