Chamberlin reports strong growth at Russel Ductile Castings

(Sharecast News) - Specialist castings and engineering company Chamberlin updated the market on Russell Ductile Castings (RDC), a foundry based in Scunthorpe, on Friday. The AIM-traded firm said RDC, which provides large, technically challenging cast iron products, had strategically positioned itself as a significant supplier to the renewable offshore energy market, resulting in substantial growth.

In November, RDC achieved a milestone by receiving its highest monthly order intake on record, exceeding £1.85m.

The board put the achievement down to the influx of new orders in the renewables sector, including substantial contracts from Tekmar and First Subsea.

It added that the appointment of a new leadership team at RDC had brought a heightened focus on the commercial development of the business.

As a result, the company successfully secured contracts with five new key customers, boosting its current order book to around £4m.

The new clients included Volvo, Nissan, JCB, Tekmar and Steel Dynamics.

Chamberlain said the order intake from the developments aligned with its expectations for 2024 performance and bolstered its already robust order book.

That positioned the company for anticipated revenue growth and increased profit after tax in the 2024 financial year.

At 1227 GMT, shares in Chamberlin were up 8% at 2.7p.

Reporting by Josh White for Sharecast.com.