Annual Report and Accounts 
for the year ended 31 March 2012
Stock code: CMH
difficult things done well Producing critical components for
the most demanding environments
chamberlin plc
difficult things done well
£45.5m
Revenue (£m)
2012 45.5
00.00 2011
2010 28.5
2009
2008 40.0
£1,657
Underlying Proﬁt Before Tax (£000)
2012 1,657
00.00 2011
2010 (1,028)
2009
2008 1,282
£1,430
Statutory Proﬁt Before Tax (£000)
2012 1,430
2011
2010 (1,421)
2009
2008 585
18.3 pence
Underlying Basic Earnings Per Share (pence)
2012 18.3
2011
2010 (12.8)
2009
2008 15.1
3.0 pence
Dividend Per Share (pence)
2012 3.0
2011
2010
2009
2008 11.9
£2,430
Cash Generated From Operations (£000)
2012 2,430
00.00 2011
2010 502
2009
2008 828
39.8
39.9
804
310
333
(498)
6.7
2.2
1.2
1.0 1,791
693
Highlights
0.0 Introduction
chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
Performance Governance Financial Statements
1
Introduction
Highlights 01–02
Chairman’s Statement 03
Group at a Glance 04–07
Performance
Chief Executive’s Review 10–11
Finance Director’s Review 12–13
Governance
Board of Directors 16
Report of the Directors 17–22
Corporate Governance 23–25
Directors’ Remuneration Report 26–29
Independent Auditors’ Report 30–31
Financial Statements
Consolidated Income Statement 34
Consolidated Statement of 
Comprehensive Income 35
Consolidated Balance Sheet 36
Parent Company Balance Sheet 37
Consolidated Cash Flow Statement 38
Parent Company Cash Flow Statement 39
Statement of Changes in Equity 40–41
Notes to the Accounts 42–73
Notice of Annual General Meeting 74–75
Shareholder Information 76
Key Points
 Revenues and earnings above pre-recession levels – aided
by positive global engineering markets – 70% of sales are
for export markets
  Revenues increased by 14% to £45.5m (2011: £39.8m)
 Underlying* proﬁt before tax up 107% to £1.7m (2011: 
£0.8m) – with improved margins 
 Statutory proﬁt before tax of £1.4m (2011: £0.3m)
 Underlying* earnings per share up by 173% to 18.3p
(2011: 6.7p)
 Statutory earnings per share of 16.1p (2011: 1.3p)
 Cash generated from operations up 36% to £2.4m
(2011: £1.8m)
 Net debt reduced by 46% to £1.6m (2011: £2.9m)
 Proposed ﬁnal dividend of 2.0p (2011: 1.0p), taking total 
dividend for year to 3.0p (2011: 1.0p)
 Net assets increased to £9.0m at 31 March 2012
(2011: £7.8m)
 Growth across all three foundries – trend expected to 
continue
  Engineering activities boosted by addition of Jebron Ltd’s 
assets. Added £2m of proﬁtable sales
 New Chairman, Keith Butler-Wheelhouse, appointed in
March 2012
 Board views prospects for new ﬁnancial year very positively
* Underlying items are stated before Non-Underlying items which represent business reorganisation 
costs, goodwill impairment costs, net financing costs on pension obligations, share-based payment 
costs and associated tax impact.
For more information on Chamberlin Group 
operations please visit our website at
www.chamberlin.co.uk
Pictured: The Group has invested in sophisticated 
modelling software to drive performance. chamberlin plc
2
diﬃcult things done well
Success in UK engineering has not been easy to achieve in recent years, but its requirements can be simply stated; 
winners must do diﬃcult things and must do them well.
We deﬁne “diﬃcult things” as activities with high engineering content delivering technically demanding products 
or processes. To take proﬁtable advantage of them it is essential that a business is properly managed and performs 
well. Our ideal acquisition is a business where diﬃcult things are done poorly, allowing us to add value by improving  
performance.
Introduction
Investment Proposition
 Operating in markets with high barriers to entry protected by process know-how or market regulation
 Operating across diversiﬁed markets with sales driven by the global engineering economy – 70% of sales are 
ultimately exported
 Pursuing both organic and acquisitive growth
 Growth opportunity in the turbocharger castings market beneﬁting from regulatory drivers and limited competition
 Strong, credible management team with a proven track record
 Signiﬁcant capacity opportunity at modest investment costs
 Highly cash generative – positive operating cash ﬂow for the last 5 years
 Strong balance sheet with low gearing
 Committed to a policy of progressive dividends
Use your phone’s bar code app and go directly 
to our website. Introduction
chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
Performance Governance Financial Statements
3
Chairman’s Statement
Keith Butler-Wheelhouse
“Our strategy for the future will focus on growing 
both top and bottom line by oﬀering ﬁrst class 
technology which is valued by our customers.”
Introduction
Having been involved as Chairman for only the 
ﬁnal month of this ﬁnancial year, full credit must 
go to my predecessor Tom Brown, the Board and 
the Executive Team for the manner in which they 
have steered the Company through the recession 
with both proﬁts and revenues now exceeding 
pre-downturn levels.
I believe Chamberlin is well placed to achieve 
further improvement in results and look forward 
to leading the Board and supporting the Executive 
Team to deliver sustained proﬁtable growth in the 
years to come.
Results
Revenues for the year ended 31 March 2012 rose 
by 14% to £45.5m (2011: £39.8m). Previous reports 
have noted that increasing revenues included a 
strong contribution from new business and I am 
encouraged to see that this trend is continuing.
Underlying operating proﬁt increased by 92% to 
£1.7m (2011: £0.9m), with gross margins again 
increasing, to 19.5% (2011: 18.7%). The underlying 
proﬁt before tax was up 107% to £1.7m (2011: 
£0.8m) and underlying earnings per share rose 
2.7 times to 18.3p (2011: 6.7p).
The statutory results show statutory operating 
proﬁt increased to £1.6m (2011: £0.5m), statutory 
proﬁt before tax up to £1.4m (2011: £0.3m) and 
statutory earnings per share up to 16.1p (2011: 1.3p). 
Chamberlin continues to be strongly cash 
generative and we remain focused on working 
capital control. Cash generated from operations 
rose by 36% to £2.4m (2011: £1.8m). This was 
signiﬁcantly above underlying operating proﬁt 
and allowed us to reduce net borrowing by 46% 
to £1.6m (2011: £2.9m). Gearing reduced to 17% 
(2011: 37%) and Chamberlin continues to be 
ﬁnanced by a £5.0m overdraft facility from HSBC. 
In July 2011, a placing of shares with Diverse 
Income Trust plc, managed by MAM Funds plc, 
raised £0.5m (gross).
Dividend
With continued earnings growth and cash 
generation proceeding as expected, our balance 
sheet continues to strengthen. I am therefore 
pleased to announce that the Directors are 
recommending the payment of a ﬁnal dividend 
of 2.0p per share, to be paid on 13 July 2012 to 
shareholders on the register at 29 June 2012. This 
takes the total dividend for the year to 3.0p (2011: 
1.0p) and is in line with the progressive dividend 
policy we introduced last year when we restored 
the payment of dividends.
The Board
After nine years of service to the Company, Tom 
Brown retired from Chamberlin on 29 February 
2012, when he passed the role of Chairman of the 
Board to me. On behalf of the Board, I would like 
to thank Tom for his considerable contribution to 
Chamberlin over the years and to wish him well 
for the future.
Strategy and Outlook
In visiting Chamberlin’s operations, I have been 
impressed by the skills and competence of 
everyone I have met. Also, there is a feeling of 
openness to change, coupled with a determination 
to drive the business forward. I will enjoy adding 
my experience in support of Chamberlin’s eﬀorts 
to achieve growth in the coming years.
The Board has concentrated in recent years on 
the modernisation of the Group’s businesses 
and tightened their focus on the technically 
demanding areas of the markets we serve under 
the theme “diﬃcult things done well”. This 
approach has delivered a strong foundation on 
which to build and our strategy for the future will 
focus on growing both top and bottom line by 
oﬀering ﬁrst class technology which is valued by 
our customers. We anticipate that growth will be 
achieved both organically and by acquisition and 
we will continue to explore opportunities which 
would be a logical extension to the Group.
Keith Butler-Wheelhouse
Chairman
21 May 2012 chamberlin plc
4
Group at a Glance
Our Business
Foundry Business
The Foundries Division currently comprises Chamberlin & Hill Castings Ltd 
and Russell Ductile Castings Ltd
Revenue By Business
Light castings 41%
Medium castings 29%
Heavy castings 30%
Chamberlin & Hill Castings
Russell Ductile Castings
Chamberlin & Hill Castings Ltd
This subsidiary incorporates our Walsall and Leicester foundries with combined ﬁnancial and 
sales functions. Walsall specialises in small castings with complex internal passages and has built 
a strong position in automotive turbochargers. Our Leicester foundry specialises in producing 
mid-size iron castings with complex metallurgy designed to give high strength, corrosion or wear 
resistance or low temperature capability and its expertise is relevant to many sectors.
See case study on page 33
Russell Ductile Castings Ltd
RDC is based in Scunthorpe and specialises in heavy castings for a wide variety of industries 
including power generation, oil & gas, steel and construction equipment. The majority of RDC 
customers are OEMs and the site is beneﬁting from the global demand for engineered products.
See case study on page 15
2012 Highlights
 Foundry sales grew by 13% in 2012.
 High economic gearing and continued 
productivity improvements have resulted in 
signiﬁcant improvement in all three proﬁt 
KPIs below.
£37,354
Revenue (£000)
2012
2011
2010
37,354
33,082
22,423
Key Performance Indicators
Return on sales
2012
2011
2010
4.0%
(2.2%)
5.6% 2012
2011
2010
13.3%
  (5.5%)
Return on net assets
21.3% 2012
2011
2010
4,349
(1,654)
Operating proﬁt per employee (£000)
6,106 Introduction
chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
Performance Governance Financial Statements
5
Engineering Business
The Engineering Division currently comprises Exidor Ltd
and Petrel Ltd
Revenue By Business
Exidor 63%
Petrel 37%
Exidor Ltd
Based in Cannock, Staﬀordshire, Exidor is a long established and leading supplier of specialist 
emergency exit hardware, i.e. the crash bars ﬁtted to ﬁre escape doors that allow rapid opening 
in the event of an emergency. In 2011 it added door closers to its range, following the acquisition 
out of administration of the assets of Jebron Ltd. Door closer production was fully integrated into 
the Cannock site by November 2011.
See case study on page 9
Petrel Ltd
Petrel Ltd, based near the National Exhibition Centre to the East of Birmingham, concentrates 
on the development and production of certiﬁed lighting and control equipment for use in 
hazardous and explosive environments. This is a highly regulated market servicing a variety of 
sectors including the petrochemical and distilling industries. 
£8,178
Revenue (£000)
2012
2011
2010
8,178
6,719
6,030
2012 Highlights
 Engineering sales increased by 22% in 2012.
 A key constituent of this growth was door 
closer production within Exidor following the 
integration of this product stream during the year.
Key Performance Indicators
Return on sales
2012
2011
2010
4.7%
3.0%
5.8% 2012
2011
2010
16.1%
6.3%
Return on net assets
16.6% 2012
2011
2010
3,182
2,405
Operating proﬁt per employee (£000)
4,596 chamberlin plc
6
Group at a Glance continued
Our Business
Product areas
Product Areas
Light Castings 34%
Medium Castings 23%
Heavy Castings 25%
Hazardous Environments 7%
Security/Safety 11%
Global Sales
Exports
Direct 30%
Indirect 40%
UK 30%
Engineering activity outside of the UK is a key driver of demand.
Approximately 70% of output is ultimately exported. Direct exports account for 30% of output 
with our customers located in Europe, America and Asia. Indirect exports, where Chamberlin 
businesses supply products to UK-based equipment manufacturers whose products are then 
shipped worldwide, account for approximately 40% of our output. Against this 30% of sales are 
driven by demand from the UK economy. Global demand for engineered products is strong and 
our UK customers, which include companies such as Siemens, Howden, CAT, JCB and Tata Steel, are 
typically leaders in their sectors. 
Chamberlin operates across 5 locations in the UK. The foundry Division specialises
in technically demanding castings in complex shapes and in specialist metallurgies.
Work is allocated across its three foundry sites based on size and metallurgy as follows:
 Light castings based in Walsall produces castings up to 5kg in grey iron;
 Medium castings based in Leicester produce 5kg to 100kg castings in a wide variety of iron alloys;
 Heavy castings based in Scunthorpe make 100kg and 6 tonnes castings again in a wide variety
of iron grades.
The two engineering businesses supply to regulated markets operating from two sites in the
West Midlands.
Picture:
©Howden Compressors Limited. 
All rights reserved. 2012
Pictured: The Group supplies specialist lighting for hazardous and explosive environments and 
commercial vehicle components including key turbochargers. Introduction
chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
Performance Governance Financial Statements
7
Worldwide Markets
Passenger car 18%
Commercial diesel 12%
Safety/security 11%
Construction Equipment 10%
Hydraulics 10%
Hazardous Environments 7%
Mining & Quarrying 6%
Oﬀ-road Vehicles 5%
Power Generation 4%
Oil & Gas 3%
Process 2%
Other 12%
Group Markets UK Manufacturing
2
3
4
5
6
1
Head oﬃce
1Walsall
Foundries
2 Chamberlin & Hill Castings, Walsall
3 Chamberlin & Hill Castings, Leicester
4 Russell Ductile Castings, Scunthorpe
Engineering 
5 Exidor, Cannock
6 Petrel, Birmingham chamberlin plc
8 8
using our expertise
to generate value chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
9
Introduction Performance Governance Financial Statements
In February 2011, the Group acquired the assets of Jebron Ltd from the 
administrator for £162,000. The original Jebron business had developed a 
number of high capability innovative products, but it had not been able to 
fully exploit these as a result of poor quality and customer service, combined 
with ineﬃcient manufacturing. Production was restarted in March 2011, at 
Jebron’s original premises, under the direction of the Exidor management 
team. Their immediate task was to improve both quality control through the 
production process and on time delivery to customers and having regained 
their conﬁdence start to grow the business.
Quality and service improvements were delivered over the summer, and 
with the transfer of manufacturing to our Cannock site in November 2011, a 
step change in production eﬃciency was achieved.
In the ﬁrst year of operation under Chamberlin, Exidor Door Controls as it 
has been re-branded, delivered approximately £2.0m of sales and £300,000 of 
operating proﬁt from a standing start.
Jebron 
integration
Use your phone’s bar code app and go directly 
to our website.
Pictured: Electro-magnetic (E-mag) door closer chamberlin plc
10
Chief Executive’s Review
Tim Hair
Trading conditions continued to improve during 
the ﬁnancial year to 31 March 2012 and revenues 
and earnings are now both above pre-recession 
levels. Indeed, these results represent our best 
performance for ﬁve years and demonstrate both 
our drive to revitalise the Group’s prospects and 
improved global trading conditions. Exports, 
either direct or indirect, comprise over 70% of 
Chamberlin sales and engineering activity outside 
the UK continues to underpin our results.
Foundries
After the modernisation programme we began in 
2007 our foundries have now passed a milestone 
where they all operate with improved equipment, 
upgraded processes and strengthened systems. 
However, we believe that there are signiﬁcant 
improvements still attainable and that these are 
best achieved by benchmarking our operations, 
quality and logistics performance against the 
best in the wider engineering industry. We have 
therefore been recruiting from that skill base to 
deliver the next phase of improvement.
Chamberlin & Hill Castings (“CHC”)
CHC incorporates our Walsall and Leicester sites 
which share a number of foundry processes but 
serve diﬀerent markets.
Our expertise at the Walsall foundry lies in the 
development and production of small castings 
with complex internal geometry, especially 
for casings for the turbocharger market where 
complex passages are required for cooling and 
lubrication. The number of turbochargers ﬁtted 
to passenger cars in Europe continues to grow 
and as petrol engines increasingly become 
turbocharged to meet EU emissions legislation, 
market forecasts predict volume growth of one 
third by 2016. We have strong relationships with 
two of the major turbocharger manufacturers 
worldwide, Borg Warner and IHI Charging Systems 
(“IHI”), and remain well placed to take advantage 
of growth in the turbocharger sector. I have 
previously commented on the development of 
a family of parts for IHI, some of which are now 
in production. We anticipate that the remaining 
elements will enter production in the new 
ﬁnancial year, in line with our original expectations, 
and our Walsall engineers are currently working 
on new turbocharger projects which will deliver 
further growth in future years.
Walsall also produces bearing housing castings 
for use in commercial diesel turbochargers, 
the majority of which are supplied to Borg 
Warner in the UK. We have recently extended 
this relationship further, with the supply of our 
ﬁrst fully ﬁnished component machined by a 
sub-contractor, and believe that there is further 
potential for us to supply machined components 
to this market.
Our existing customers account for less than 50% 
of the European market for turbochargers and we 
believe that established OEMs and new entrants 
represent an important source of growth. Our 
sales eﬀort will be directed towards these areas 
while ensuring that our existing customers receive 
the high standards of service they require.
Leicester, which produces mid-size castings with 
complex metallurgy, has enjoyed good year-
on-year sales growth, taking revenues to above 
£10m and reducing reliance on the construction 
sector. Unlike Walsall, where demand is driven by 
long-term supply arrangements, a proportion of 
Leicester sales are related to contracts for supply 
to a discrete project. Typical of these is our supply 
of suspension components to a Singapore-based 
manufacturer of military vehicles, where Leicester 
has recently completed supplying the second 
project phase and has conﬁrmed contracts for the 
third phase, with revenue in excess of £700,000, 
which will require supply in the second half of the 
new ﬁnancial year. 
In 2009 we combined the management of both 
the Walsall and Leicester foundries, achieving 
operational and overhead synergies. We have 
also made good progress in creating cross-selling 
opportunities between the two foundries. 
The most notable success here has been in 
the commercial diesel market, where the 
long-standing relationships from Walsall and 
metallurgical expertise from Leicester have enabled 
us to establish a credible position for the supply of 
turbine casings, the other major iron casting in a 
truck turbocharger. We look forward to receiving 
our ﬁrst orders to supply these castings in the 
course of 2012/13.
“Chamberlin continues to make progress in 
growing revenues and proﬁtability, and we 
are in very good shape ﬁnancially to support 
ongoing growth.”
Pictured: Turbocharger chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
11
Introduction Performance Governance Financial Statements
Russell Ductile Castings (“RDC”)
RDC is located in Scunthorpe and specialises in 
heavyweight castings up to 6,000kg. The majority 
of these are used in demanding applications 
requiring high strength, corrosion resistance or 
high temperature capabilities and these all require 
the production of complex shapes in specialist 
grades of iron. RDC has a recognised expertise 
in manufacturing these challenging parts and 
the ﬁnal objective of the foundry reorganisation 
in 2009 was to increase focus on this sector and 
deliver growth. I am therefore pleased to report 
that RDC revenues grew by over 20% during the 
course of the ﬁnancial year. 
Core markets for RDC are process equipment, 
mining, power generation and construction 
equipment but our expertise is relevant to a wide 
range of applications in other industries and I 
expect to see further growth in the business. This 
will include the production of a unique range of 
castings for the Crossrail project, where the most 
complex parts of the tunnel system are supported 
with cast iron lining segments. 
Crossrail is structured as three tunnelling projects, 
each requiring around £1.0m of castings. RDC is 
currently supplying castings for the ﬁrst tunnelling 
project and we would hope to win more of these 
contracts as Crossrail progresses over the next
few years.
Engineering
Exidor
Our door hardware business, located in Cannock, 
has made signiﬁcant progress during the ﬁnancial 
year and is well-placed for growth. Exidor has 
a well established position in the market for 
emergency exit hardware, where it is market 
leader in the UK, and in February 2011 we 
acquired assets which allowed us to expand into 
door closers, a related market. The integration 
of these assets was completed on schedule with 
new routes to market, product certiﬁcation and 
the relocation of manufacturing operations all 
complete by December 2011. The product range 
we acquired is well-regarded by customers who are 
responding positively to the high service standards 
to which Exidor operates. The new range has 
produced a strong ﬁrst full year contribution and 
I am conﬁdent that we will see growth in both 
revenues and proﬁtability in this business as we 
take market share.
Petrel
Petrel supplies lighting and control systems for 
hazardous environments in applications where 
the risk of explosion requires tightly regulated 
equipment. Overall the business is performing in 
line with expectations and we are investigating 
niche applications which create opportunities for 
specialist new products.
Outlook
Chamberlin continues to make progress in 
growing revenues and proﬁtability, and we are 
conﬁdent that we can build on the progress we 
have already achieved. 
Our focus in the new ﬁnancial year remains on 
both driving sales and enhancing Chamberlin’s 
operational performance. Currently, the 
opportunities we see ahead of us leave us well-
placed for the ﬁrst half and the Group remains in 
very good shape ﬁnancially to support ongoing 
growth. I look forward to updating shareholders 
on our progress in due course.
Tim Hair
Chief Executive    
21 May 2012
Chamberlin supply critical turbocharger components to the automotive industry chamberlin plc
12
Finance Director’s Review
Mark Bache
■ Cash generated from operations ■ Underlying operating proﬁt
2008
Cash v proﬁt (£000)
1,323
828
2009
Overview
Sales increased by 14% during the year to 
£45.5m (2011: £39.8m) as the business grew 
existing accounts and won new customers. 
Foundry division sales grew by 13% to £37.3m, 
driven by demand across all three sites. Sales in 
the Engineering Division increased by 22% to 
£8.2m, with the assets acquired in February 2011 
contributing £2.0m of revenues. Margins also 
improved year-on-year with gross proﬁt margin 
increasing to 19.5% (2011: 18.7%).
Underlying operating proﬁt increased by 92% 
to £1.7m (2011: £0.9m). Financing costs reduced 
in the year, in line with borrowings, resulting in 
underlying proﬁt before tax of £1.7m, a 107% 
improvement (2011: £0.8m). Underlying earnings 
per share improved by 173% to 18.3p (2011: 6.7p).
The statutory results also improved signiﬁcantly 
over the previous year with statutory operating 
proﬁt of £1.6m (2011: £0.5m), statutory proﬁt 
before tax of £1.4m (2011: £0.3m) and statutory 
earnings per share of 16.1p (2011: 1.3p).
Tax
The Group’s underlying tax charge for the year was 
£242,000 (2011: £305,000). The underlying eﬀective 
rate of 15% (2011: 38%) was favourably aﬀected 
by the recognition of brought forward tax losses 
within deferred tax and as a consequence, tax 
payable for the year will be £145,000. The statutory 
tax charge was £183,000 (2011: £235,000).
Cash generation and ﬁnancing
Cash conversion was strong with cash generated 
from operations of £2.4m (2011: £1.8m), which 
equated to 140% of underlying operating proﬁt. 
This reﬂects the high priority given to cash 
management throughout the business. During the 
past year working capital increases were limited 
to £157,000 (4%), on £5.5m (14%) higher sales. 
This continues a record of consistent positive cash 
generation, including during the recession and 
subsequent recovery, as illustrated in the chart 
below.
In July 2011, we completed a placing of 370,370 
new ordinary shares with Diverse Income Trust plc, 
which is managed by MAM Funds plc, at an 8% 
premium to the then market price, which raised 
£500,000 gross.
Capital expenditure for the year increased to 
£1.4m (2011: £1.2m) which was marginally above 
depreciation and amortisation. In addition to 
normal replacement and productivity related 
spend, £200,000 was invested in technical 
modelling and ERP software.
Group borrowings reduced during the year by 
£1.3m or 46%, to £1.6m (2011: £2.9m). As a result 
gearing was reduced to 17% from 37% at the 
previous year end. The Group is funded through 
a £5.0m overdraft facility, which is renewable 
annually and is not subject to ﬁnancial covenants.
460
693
2010 502
(923)
2011
2012
1,735
2,430
1,791
904
“Cash conversion was strong with cash generated 
from operations of £2.4m (2011: £1.8m), which 
equated to 140% of underlying operating proﬁt. 
Group borrowings reduced during the year by 
£1.3m, or 46%, to £1.6m.”
Pictured: Lighting for hazardous environments chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
13
Introduction Performance Governance Financial Statements
Asset acquisition
On 4 February 2011, the Group acquired certain 
ﬁxed assets and inventory from the administrator 
of Jebron Ltd, a door controllers maker, for 
£162,000. The manufacture of door controllers 
started, in Wednesbury, during March 2011 and 
production was transferred to our Cannock site 
during the year. This activity is now fully integrated 
into our Exidor business and is delivering returns in 
line with expectations. 
Foreign exchange
In order to protect against future exchange 
rate movements the Group enters into forward 
currency contracts covering 80% of its estimated 
Euro denominated sales for the coming year. The 
Group has adopted hedge accounting in relation 
to these foreign currency contracts, as explained in 
detail in note 2 to the Financial Statements. During 
the period a movement in fair value of £493,000 
in respect of eﬀective hedges was recognised in 
equity. 
Pension
The Group’s deﬁned beneﬁt pension scheme, 
which now has 175 deferred and retired members, 
was closed to future accrual in 2007. Following 
the last triennial valuation, as at 1 April 2010, 
contributions were set at £308,000 per year for 
2011/12 increasing by 3% per year thereafter. Based 
on current assumptions this would eliminate the 
deﬁcit by 2020.
The IAS 19 deﬁcit at 31 March 2012 was £3.1m 
(2011: £2.2m). The increase principally reﬂects the 
reduction in the discount rate used to calculate 
scheme liabilities, as a consequence of a fall in 
bond yields over the last year.
Mark Bache 
Finance Director 
21 May 2012
Chamberlin produce performance critical components for the off-road vehicle sector chamberlin plc
14 14
high proﬁle 
applications chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
15
Introduction Performance Governance Financial Statements
Crossrail is a major infrastructure project to build a new East-West 
underground train line across London. At junctions, the tunnels are lined 
with cast iron segments, which provide the appropriate strength and 
performance characteristics. These large segments have to be manufactured 
to tight tolerances and are bolted together in rings to line the tunnels. 
The Cross-rail project is being lead by three separate consortiums, each 
digging a diﬀerent section of the overall tunnel. Our Scunthorpe facility 
is one of only a small number of foundries with experience of producing 
these complex parts, and during 2011, won the contract to supply all of the 
castings for the ﬁrst phase of tunnelling. Phases two and three are expected 
to be awarded during 2012/13.
Cross-rail 
Project
Use your phone’s bar code app and go directly to 
our website.
Pictured: Cast iron tunnel lining segment chamberlin plc
16
Board of Directors
Tim Hair
Aged 52, Tim joined the Company in June 2006 
and was appointed as Chief Executive in July 2006. 
Tim was previously Managing Director of Sterling 
Hydraulics Limited and his career includes senior 
positions in a range of advanced engineering 
businesses.
Mark Bache 
Aged 48, Mark joined the Company in November 
2006 and was appointed Finance Director in 
December 2006. He was previously Finance 
Director of Pel Group Ltd and has held senior 
ﬁnancial positions in a number of manufacturing 
groups since qualifying as a Chartered Accountant 
with PWC in 1988.
Keith Butler-Wheelhouse
Aged 66, Keith joined the Board and was 
appointed Non-Executive Chairman in March 
2012. Previously Chief Executive of Smiths Group 
plc, Saab Automobile Sweden and Delta Motor 
Corporation South Africa. He is currently Non-
Executive Director of Plastics Capital plc and 
previously served as a Non-Executive Director 
with Atlas Copco AB, General Motors Europe, 
J Sainsbury plc and NIU Solutions.
Keith Jackson
Aged 63, Keith joined the Board in 2005. He was 
previously Finance Director of Tarmac Group Ltd, 
and was Finance Director of Cape plc between 
1989 and 1996. He is a Director of EuroChem, as 
well as being Chairman of a number of pension 
funds. Keith is Senior Independent Director and 
Chairman of the Audit Committee.
Alan Howarth
Aged 66, Alan was appointed as a Director 
in January 2007. Alan was previously a 
partner in Ernst & Young. He is Chairman of 
Cerillion Technologies Ltd, CRF Inc, and has 
further non-executive interests in a range of 
private companies. Alan is Chairman of the 
Remuneration Committee.
Keith Butler-Wheelhouse was appointed as Non-
Executive Chairman on 1 March 2012.
Tom Brown retired from the Board on 
29 February 2012.
At the Annual General Meeting to be held on 
12 July 2012 (see the Notice of Annual General 
Meeting on pages 74 to 75), all Directors will retire 
and, being eligible, oﬀer themselves for re-election. 
No Director had a material interest during the year in 
any signiﬁcant contract with the Company or with 
any subsidiary undertaking. The Group provides 
indemnities to the Directors in respect of liabilities or 
claims arising in the performance of their duties.
Non-Executive Directors Executive Directors
Pictured left to right: Keith Jackson, Tim Hair,
Keith Butler-Wheelhouse, Alan Howarth, Mark Bache chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
17
Introduction Performance Governance Financial Statements
Report of the Directors
The Directors present their report together with the audited ﬁnancial statements for the year ended 31 March 2012.
Principal activities
The principal activities of the Group are the production and sale of iron castings in a wide variety of sizes and metal grades, and the manufacture and sale of 
light engineering products, predominantly into safety and security markets. 
The Company is registered in England and its registration number is 76928.
Business review and future developments 
A comprehensive analysis of the development and performance of the Company during the year, including its future prospects, is included in the Chairman’s 
Statement on page 3 and Business Review, which comprises the Chief Executive’s Review and Finance Director’s Review, on pages (10 to 13).
(a) Key Performance Indicators
Key performance indicators (“KPIs”) are used to measure and evaluate Group performance against targets and monitor various activities throughout the 
Group. The main key performance indicators employed in the Group are set out below:
Year to 
31 March 
2012
 Year to 
31 March 
2011
Return on sales Foundries 5.6% 4.0%
Engineering 5.8% 4.7%
Group 3.8% 2.1%
Return on net assets Foundries 21.3% 13.3%
Engineering 16.6% 16.1%
Group 19.2% 11.7%
Operating proﬁt per employee Foundries £6,106 £4,349
Engineering £4,596 £3,182
Group £3,503 £804
The Directors are satisﬁed that the KPIs reﬂect the improvements made to the Group during the year.
During the year, the Group has changed a KPI from sales per employee to operating proﬁt per employee as the Directors believe this is a more eﬀective 
measure of productivity.
Calculations are based on numbers disclosed in the segmental analysis in note 3 to the accounts and are shown before exceptional items as detailed in note 12 
to the accounts. The Group percentages are diﬀerent as they incorporate shared costs. 
The above KPIs are deﬁned as follows:
Return on sales The ratio of the segment’s trading proﬁt to the segment’s sales. 
The trading proﬁt is deﬁned in the segmental analysis in note 3.
Return on net assets The ratio of the segment’s trading proﬁt to the segment’s net assets (as analysed in note 3).
Operating proﬁt per employee The ratio of the segment’s operating proﬁt to the segment’s average number of employees. chamberlin plc
18
(b) Employees
Staﬀ numbers and associated costs are shown in note 5 to the accounts. The segmental split of the average number of employees is as follows:
Year to
31 March
2012
£000
Year to
31 March
2011
£000
Foundries 340 291
Engineering 104 93
Head office* 9 8
Group 453 392
* Includes 3 Non-Executive Directors
The Group’s employment policy includes a commitment to the principles of equal opportunity for all, and speciﬁcally prohibits discrimination of every type. 
Our policy is always to ensure that all persons are treated fairly irrespective of their colour, race, sex, sexual orientation, age or youth, religion, political beliefs, 
trade union membership or non-membership, marital and physical or mental status or any other factors including pregnancy and maternity. 
In particular, the Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately 
fulﬁlled by a disabled person. We endeavour to provide those who have physical or mental disabilities with speciﬁc assistance, and arrangements are made 
to enable them to work for us wherever and whenever this is reasonably practical. We expect all employees to comply in every respect with the Group’s 
employment policies at all times.
The Group has arrangements in place for the involvement of all employees in the activities of the business, including management/employee brieﬁngs, 
dialogue with trade union representatives and health and safety meetings. A Safety Policy is in place throughout the Group and all employees are required 
to be aware of their responsibilities under the Health and Safety at Work Act. A copy of the policy and all relevant Codes of Practice are available at the 
workplace. It is the policy of the Group to recognise that the training of employees is important to the eﬃciency of the business and each employee’s welfare 
and safety. Promotion is encouraged within the organisation and it is Group policy to promote from within wherever this is appropriate.
(c) Environment
The Board recognises that our operations have an eﬀect on the local, regional and global environment, and as a consequence of this, the Board is committed 
to continuous improvements in environmental performance and the prevention of pollution.
Speciﬁcally the Group has and will:
 comply with the requirements of all relevant environmental legislation, meeting any set emission limits and standards laid down, and use best available 
techniques in order to control impacts on the environment;
 maintain and develop environmental management policies and practices to continually monitor and progress the minimisation of the eﬀects of the 
business on the environment. Environmental management is considered to be a key part of the business strategy at all levels within the Group;
 actively encourage the minimisation of waste from all aspects of the business and promote the beneﬁts of recycling and reuse;
 as part of the Target 2010 climate change levy agreement, aim to meet the requirements to reduce energy use and emissions of carbon dioxide 
by increasing energy eﬃciency through all parts of the Group and to seek new opportunities of improving energy eﬃciency as part of the overall 
improvement of the business;
 consider environmental factors in respect of the growth of the business, seeking as far as is practical to reduce harmful environmental impacts and to 
integrate new developments into the local environment; and
 actively encourage the consideration of the environmental impact of all raw materials and services purchased by the business, and where practical to use 
the options with the least impact and to reduce the consumption of raw materials.
Report of the Directors continued chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
19
Introduction Performance Governance Financial Statements
(d) Research and Development
The Group’s research and development activities in the year, as in previous years, consist primarily of devising methods for achieving the casting of complex 
shaped and/or multi-cored products in the foundry businesses and the design and development of new products in our engineering businesses, principally 
hazardous area lighting and emergency exit hardware products. The Board views such activities as key to the future prosperity of the business. Expenditure 
expensed through the income statement is shown in note 7 and expenditure capitalised in note 14 to the accounts.
Principal risks and uncertainties
Management throughout the Group uses a common model to identify and assess the impact of risks to their businesses. The Group’s risk management process is 
described further in the corporate governance report on pages 23 to 25. The more signiﬁcant risks and uncertainties faced by the Group are set out below:
 Approximately 20% of the Group’s income is derived in Euros. In order to reduce the Group’s exposure to currency ﬂuctuations the Group sells Euros 
forward in order to provide an eﬀective hedge, as described in note 25.
 The price of many raw materials is dependent upon movements in commodity prices, especially iron. In order to reduce its exposure to movements in raw 
material prices the Group negotiates, where appropriate, price surcharge arrangements into its customer contracts.
 In common with other industrial businesses the Group is subject to risks associated with the environment. The Group manages these risks by continual 
review of its processes to identify opportunities for improvement, whilst ensuring that the conditions of its site operating licences are met or exceeded at all 
times.
 The global economic outlook has continued to be uncertain and the Group has been exposed to additional risks associated with signiﬁcant and rapid 
increases in demand. In order to mitigate this risk the Group maintains borrowing facilities which incorporate suﬃcient headroom to accommodate any 
working capital movements associated with such changes in demand. In addition the Group regularly monitors its forward order load and where practical 
takes action to adjust its cost base in line with demand.
 The Group’s approach to managing other ﬁnancial risks is set out in note 25 to the ﬁnancial statements.
Dividends
The Directors recommend the payment of a 2.0p ﬁnal dividend. An interim dividend of 1.0p (2011: nil p) has been paid during the year.
Directors
Details of the Directors of the Company during the year and their interests in the shares of the Company are shown below. The interests of the Directors in 
share options are shown in the Directors’ Remuneration Report on pages 26 to 29.
Directors’ shareholdings
Beneﬁcial interests of the Directors in the shares of the Company, including those of their immediate families were:
Year to
31 March
2012
Number of 
shares
Year to
31 March
2011
Number of 
shares
Keith Butler-Wheelhouse (appointed 1 March 2012) — —
Tim Hair 134,508 33,000
Mark Bache 55,000 15,000
Keith Jackson 13,525 13,525
Alan Howarth 11,300 11,300
Tom Brown (retired 29 February 2012) n/a 35,000
There have been no changes in the interests of the Directors set out above between 1 April 2012 and 21 May 2012. chamberlin plc
20
Special Business at the Annual General Meeting
Directors’ authority to allot shares
As in previous years, approval will be sought for a special resolution to renew the authority given to the Directors to allot shares in the Company. Authority 
will be sought to allot shares in the Company up to an aggregate nominal amount of £662,461 (which represents approximately 33% of the issued share capital 
of the Company as at 21 May 2012). This limit is in line with the guidelines issued by the Association of British Insurers. 
Authority will also be sought from shareholders to allow the Directors to issue new shares for cash to persons other than to existing members up to a 
maximum nominal amount of £99,369. This sum represents 397,477 ordinary shares of 25 pence each, being equivalent to 5% of the issued share capital of the 
Company at 21 May 2012.
Authority to purchase own shares
At the Annual General Meeting in 2011, the Board was given authority to purchase and cancel up to 794,900 of its own shares representing just under 10% of 
the Company’s then existing issued share capital, through market purchases on The London Stock Exchange. The maximum price to be paid on any exercise of 
the authority was restricted to 105% of the average of the middle market quotation for the shares for the ﬁve dealing days immediately preceding the day of a 
purchase. The minimum price which may be paid for each share is 25 pence. No purchases have been made.
The current authority to make market purchases expires at the forthcoming Annual General Meeting. The Directors have resolved, if the right circumstances 
exist, to exercise the current authority which remains valid until the Annual General Meeting, and will continue to consider circumstances in which they may 
exercise this authority. They are now seeking the approval of shareholders for the renewal of this authority upon the same terms, to allow the Company to 
purchase and cancel up to 794,953 of its own shares, again representing just under 10% of its issued share capital at 21 May 2012. 
The authority is sought by way of a special resolution, details of which are also included at item 12 in the notice of meeting. This authority will only be 
exercised if the Directors, in the light of market conditions prevailing at the time, expect it to result in an increase in earnings per share, and if it is in the best 
interests of the shareholders generally. Account will also be taken of the eﬀect on gearing and the overall position of the Company.
Both authorities are to be for the period commencing on the date of passing of the resolution until the next Annual General Meeting. The proposed 
resolutions are set out as items 10 to 12 in the notice of meeting on pages 74 to 75.
Substantial shareholders
At 21 May 2012 the Company was aware of the following interests of 3% or more of the Company’s share capital, other than those of Directors:
Number of 
shares
% of Issued 
Share Capital
Rights & Issues Investment Trust PLC 1,000,000 12.58%
Henderson Global Investors 863,254 10.86%
Discretionary Unit Fund 500,000 6.29%
Schroder Institutional UK Smaller Companies Fund 477,178 6.00%
MAM Funds PLC 470,370 5.92%
AXA Framlington Monthly Income Fund 400,000 5.03%
Perfecta Assets Ltd 275,000 3.46%
Report of the Directors continued chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
21
Introduction Performance Governance Financial Statements
Statement of Directors’ responsibilities 
The Directors are responsible for preparing the Annual Report and the Group and Company ﬁnancial statements in accordance with applicable United 
Kingdom law and regulations. Company law requires the Directors to prepare Group and Company ﬁnancial statements for each ﬁnancial year. Under that 
law, the Directors are required to prepare Group and Company ﬁnancial statements under IFRSs as adopted by the European Union and in respect of the 
Company ﬁnancial statements, as applied in accordance with the provisions of the Companies Act 2006.
Under Company Law the Directors must not approve the Group ﬁnancial statements unless they are satisﬁed that they give a true and fair view of the state 
of aﬀairs of the Group and of the proﬁt or loss of the Group and Company for that period. In preparing the Group and Company ﬁnancial statements the 
Directors are required to: 
 present fairly the ﬁnancial position, ﬁnancial performance and cash ﬂows of the Group;
 select suitable accounting policies in accordance with IAS 8: Accounting Policies Changes in Accounting Estimates and Errors, and then apply them 
consistently;
 present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; 
 provide additional disclosures when compliance with the speciﬁc requirements in IFRS as adopted by the European Union is insuﬃcient to enable users to 
understand the impact of particular transactions, other events and conditions on the Group and Company’s ﬁnancial position and ﬁnancial performance; 
 state whether the Group and Company ﬁnancial statements have been prepared in accordance with IFRSs as adopted by the European Union, subject to 
any material departures disclosed and explained in the ﬁnancial statements; and
 make judgements and estimates that are reasonable.
The Directors are responsible for keeping adequate accounting records that are suﬃcient to show and explain the Group and Company’s transactions and 
disclose with reasonable accuracy at any time the ﬁnancial position of the Group and Company and enable them to ensure that the Group and Company 
ﬁnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and Company and hence for 
taking reasonable steps for the prevention and detection of fraud and other irregularities. 
The Directors are also responsible for preparing the Directors’ Report in accordance with the Companies Act 2006 and applicable regulations.
Going concern
After making appropriate enquiries, the Directors consider that the Group has adequate resources to continue in operation for the foreseeable future. In 
forming this view the Directors have reviewed budgets and other ﬁnancial information as set out in note 2 to the Financial Statements. For this reason, they 
continue to adopt the going concern basis in preparing the accounts.
Directors’ statement as to disclosure of information to Auditors
The Directors who were members of the Board at the time of approving the Directors’ report are listed on page 16. Having made enquiries of fellow Directors 
and of the Company’s Auditors, each of these Directors conﬁrms that:
 to the best of each Director’s knowledge and belief, there is no information relevant to the preparation of their report of which the Company’s Auditors are 
unaware; and
 each Director has taken all the steps a Director might reasonably be expected to have taken to be aware of relevant audit information and to establish that 
the Company’s Auditors are aware of that information. chamberlin plc
22
Charitable and political donations
Donations to UK charitable organisations amount to £nil (2011: £750). There were no political donations in the year (2011: £nil).
Policy on payments to creditors
The Group has a variety of payment terms with its suppliers. These are either negotiated along with other contract terms or conform to standard terms 
applied either by the relevant group company or by the supplier. In respect of all its suppliers it is the Group’s policy to settle the terms of payment when 
entering a business relationship with a supplier, to ensure suppliers are aware of the terms of payment, and to abide by the terms of payment.
The Group’s average creditor payment period at 31 March 2012 was 61 days (2011: 58 days) and that of the Company was 34 days (2011: 55 days).
Auditors
A resolution will be proposed to reappoint Ernst & Young LLP as Auditors and to authorise the Directors to determine their remuneration.
By order of the Board
Mark Bache
Secretary
21 May 2012
Report of the Directors continued chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
23
Introduction Performance Governance Financial Statements
Corporate Governance
Principles of good governance
The Group is committed to high standards of corporate governance and although The Financial Services Authority’s Listing Rules which incorporate the UK 
Corporate Governance Code (“the Code”) are not mandatory for AIM quoted companies, it has applied the main principles set out in the Code as described 
below and in the Directors’ Remuneration Report, in a manner appropriate to the size and nature of the Group.
The Board and its committees:
(a) The Board
The Board normally comprises a non-executive Chairman, two other non-executive Directors and at least two executive Directors. The Directors 
(including non-executive Directors) have a range of experience and are of suﬃcient calibre to bring independent judgement to bear on issues of strategy, 
performance, resources and standards of conduct, which is vital to the success of the Group. The Board meets at least eight times a year and additionally 
when necessary. At each scheduled meeting of the Board, the Chief Executive reports on the Group’s operations and the Finance Director reports on 
the ﬁnancial position of the Group. To enable the Board to discharge its duties, all Directors receive appropriate and timely information. Brieﬁng papers 
are distributed by the Company Secretary to all Directors in advance of Board meetings. In addition the Board has adopted standard procedures and 
practices whereby signiﬁcant issues aﬀecting the Group are reviewed on a regular basis. 
All non-executive Directors are considered to be independent by the Board. Keith Butler-Wheelhouse is the independent non-executive Chairman and 
Keith Jackson is the senior independent non-executive Director. There is a schedule of matters which are reserved for decision by the Board and matters 
which are delegated to the various Board committees or to the executive Directors, along with monetary levels of authority for capital expenditure and 
other ﬁnancial commitments.
Following the appointment of new Directors, an appropriately tailored induction programme is arranged and the training needs of Directors are 
regularly considered. If appropriate, all Directors have the authority to take independent legal advice and have direct access to the Company Secretary. 
Evaluation of the performance of the Board and evaluation of the performance of individual Directors is conducted regularly on an annual cycle.
(b) Chairman and Chief Executive
The Chairman of the Company is an independent non-executive Director who is responsible for the running of the Board. The Board is responsible to 
shareholders for the overall direction and control of the Company, and the Chief Executive is responsible to the Board for management of the Company 
within the parameters set by the Board. There is a clear division of responsibilities between the two roles.
(c) Supply of information
The Board is satisﬁed that it is provided with information in an appropriate form and quality to enable it to discharge its duties. 
(d) Appointments to the Board
The Nominations Committee makes recommendations to the Board on the composition of the Board generally and on the balance between executive 
and non-executive Directors. It also makes recommendations on the appointment of new Directors and subsequent reappointments on retirement by 
rotation. It comprises the non-executive Directors and the Chief Executive. The Chairman of the Committee is Keith Butler-Wheelhouse.
(e) Re-election of Directors
At the Annual General Meeting to be held on 12 July 2012 (see the Notice of Annual General Meeting on pages 74 to 75), all Directors will retire and, 
being eligible, oﬀer themselves for re-election. Notwithstanding that Article 94 of the Articles of Association requires only of a selection of the Directors 
to retire by rotation, the Directors have taken the decision to apply the good corporate governance provisions of the Code in respect of the re-election 
of Directors as it applies to FTSE 350 companies and consequently to require all Directors to be subject to re-election.
(f) Directors’ remuneration
The statement of the Company’s policy on executive Directors’ remuneration and details of Directors’ emoluments and service contracts are contained 
in the Directors’ Remuneration Report on pages 26 to 29. chamberlin plc
24
(g) Relations with shareholders
Members of the Board hold meetings from time to time with major shareholders to discuss the Company’s strategy and ﬁnancial performance. These 
are usually held after the public announcement of results each 6 months and usually involve the Company’s brokers, through whom feedback from 
institutional investors is obtained as necessary.
The Board uses the Annual General Meeting to communicate with all private and institutional investors and welcomes their participation.
(h) Audit Committee
The Audit Committee, which consists of the three non-executive Directors, Keith Jackson (Chairman), Keith Butler-Wheelhouse and Alan Howarth, 
meets at least twice per year with the external Auditors in attendance when required. It has formal terms of reference and it assists the Board in 
ensuring that appropriate accounting policies, ﬁnancial systems, internal controls and compliance procedures are in place. It also reviews the relationship 
between the Group and the external Auditors in terms of the provision of non-audit services and ensuring that auditor independence and objectivity is 
maintained. The Auditors have direct access to the Chairman of the Audit Committee. A formal “whistle-blowing” policy is in operation, providing direct 
access to the Chairman of the Audit Committee, in relation to any concerns staﬀ may have concerning the propriety of Group operations and activities. 
No issues or incidents have come to light as a result of this policy. 
All proposals for the provision of non-audit services by the external Auditor are pre-approved by the Audit Committee or its delegated member, the 
overriding consideration being to ensure that the provision of non-audit services does not impact the external Auditor’s independence and objectivity.
(i) Remuneration Committee
The Remuneration Committee comprises the three non-executive Directors. Further details are shown in the Directors’ Remuneration Report.
(j) Annual General Meeting
All Directors expect to attend the Annual General Meeting and to be available to answer questions put to them by shareholders.
(k) Internal control
The Board is responsible for the Group’s system of internal control and for reviewing its eﬀectiveness in accordance with the guidance set out in the 
Code. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can provide only 
reasonable and not absolute assurance against material misstatement or loss.
The Code has a requirement that the Directors review the eﬀectiveness of the Group’s system of internal controls. This includes internal ﬁnancial controls 
and controls over ﬁnancial, operational, compliance and risk management. The Directors of each business are required to complete an annual internal 
control questionnaire, which when combined with regular reviews gives the Board conﬁdence that internal controls are eﬀective. 
The Group also operates a risk management process whereby each business identiﬁes its key risks, the probability of those risks occurring, their potential 
impact, and action needed to manage them. This is carried out as a speciﬁc exercise as part of the annual budgeting process, but is also part of the day 
to day management process of each business. The Group has established procedures for planning and budgeting and monitoring the operational and 
ﬁnancial performance of all businesses in the Group, as well as their compliance with applicable laws and regulations. These procedures include:
 Clear responsibilities on the part of line and ﬁnancial management for good ﬁnancial controls in the production of accurate and timely ﬁnancial 
management information.
 The control of key ﬁnancial risks through clearly laid down authorisation levels and proper segregation of accounting duties.
 Detailed monthly budgeting and reporting of trading results, balance sheets and cash ﬂows with regular reviews of variances from budgets by 
management and the Board.
 Reporting on compliance with internal ﬁnancial controls and procedures by each individual business unit under the supervision of the Group Finance 
Director and at the year end by external Auditors. Interim and Annual Reports are reviewed by the Audit Committee prior to issue.
Corporate Governance continued chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
25
Introduction Performance Governance Financial Statements
The Board has undertaken an assessment of the need for a Group internal audit function. The Board considers that the control systems and procedures 
currently undertaken by the Group are adequately performed by the management and that the Group has not yet reached a size where a separate internal 
audit function would be an appropriate or cost eﬀective method of ensuring compliance with Group policies. It therefore does not currently propose to 
introduce a Group internal audit function. This area will be kept under review as part of the Board’s assessment of the Group’s systems of internal control.
Summary of attendance at meetings
Board 
meetings
Nominations 
Committee
Remuneration 
Committee
Audit 
Committee
Number of meetings in the year 11152
Keith Butler-Wheelhouse (appointed 1 March 2012) 1 — 1 —
Tom Brown (retired 29 February 2012) 8142
Keith Jackson 11152
Alan Howarth 10152
Tim Hair 11 1 n/a n/a
Mark Bache 11 n/a n/a n/a
n/a – Indicates that a Director was not a member of a particular committee.
By order of the Board
Mark Bache
Secretary
21 May 2012 chamberlin plc
26
Remuneration Committee
The Remuneration Committee comprises the three non-executive Directors: Alan Howarth (Chairman), Keith Butler-Wheelhouse and Keith Jackson. The 
committee meets when necessary, usually at least twice per year, and is responsible for determining the remuneration packages of the executive Directors and 
of the Chairman.
Policy on remuneration of Executive Directors and Senior Executives
The committee aims to ensure that remuneration packages oﬀered are designed to attract, maintain and motivate high calibre Directors and senior executives, 
without paying more than necessary for the purpose. The remuneration policy attempts to match the interests of the executives with those of shareholders 
by providing:
(a) Basic salary and beneﬁts
Executive Directors’ basic salaries are reviewed each year, taking into account the performance of the individual and rates of salary for similar jobs in 
companies of comparable size. The main beneﬁts provided are company cars and health insurance.
The Company operates a number of deﬁned contribution pension schemes for the majority of its employees, including executive Directors. No 
performance related bonuses nor beneﬁts in kind are included in pensionable salary.
(b) Annual performance related bonus scheme
In order to link executive remuneration to Group performance, executive Directors participate in bonus schemes appropriate to their objectives. For the 
year ended 31 March 2012 the bonus in respect of Tim Hair and Mark Bache was linked to the proﬁt performance of the Group and the achievement of 
personal objectives. The maximum amount of bonus payable is 100% of their basic salary. 
(c) Share options
An incentive to achieve longer-term improvements in shareholder value is aﬀorded through two share option schemes which were established in 2007. 
The key features of the schemes are summarised as follows:
(i) A Performance Share Plan which grants nil cost options under an Enterprise Management Scheme (“EMI Options”). The EMI Options will normally 
become exercisable in three equal tranches on each of the third, fourth and ﬁfth anniversaries of the date of grant subject to the satisfaction of 
a performance condition set by the Remuneration Committee of the Company. The proportion of awards that become exercisable under each 
tranche of the EMI Option varies on a straight-line basis, from 25% to 100%, for average growth in underlying fully diluted EPS of between 5% p.a. 
and 10% p.a. above RPI over the period between grant and exercise dates. No options are exercisable if growth is below this range.
(ii) Non-EMI qualifying options are also granted at nil cost under the Performance Share Plan. Non-EMI options become exercisable on the third 
anniversary of the date of grant subject to the satisfaction of a performance condition set by the Remuneration Committee of the Company. The 
proportion of Non-EMI awards that become exercisable varies on a straight-line basis from 25% to 100% based on the Company’s TSR ranking 
against a comparator group of companies between the median and upper quartile ranking. No options are exercisable if growth is below this 
range. These options expire on the 10th anniversary of grant.
(iii) A Share Option Plan (“SOP”) which issues options at the average quoted market price of the Company’s shares over a period of up to ninety 
trading days prior to grant. The options will normally become exercisable on or after the third anniversary of the date of grant subject to the 
satisfaction of performance conditions set by the Remuneration Committee of the Company. The proportion of awards that become exercisable 
varies on a straight-line basis, from 25% to 100%, for average growth in Total Shareholder Return of between 23.8% and 50.7% per annum over the 
period between the grant and vesting dates. This is equivalent to achieving a share price in the range of 100p to 180p. No options are exercisable if 
growth is below this range. 
Certain options were granted under this scheme (as detailed on page 28) in parallel to the options outstanding under schemes (i) and (ii) above. 
These parallel options are only tested against the above vesting conditions, and hence are potentially eligible to vest, in the event that the options 
that they are granted in parallel to fail to vest. 
Directors’ Remuneration Report chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
27
Introduction Performance Governance Financial Statements
Performance Graph
The following graph shows the Company’s performance compared to the performance of the FTSE Engineering and Machinery index over a ﬁve year period, 
measured by total shareholder return. This index has been selected as an appropriate benchmark because it represents the market sector in which the 
Company operates.
Total shareholder return is calculated to show the theoretical growth in the value of a shareholding over a speciﬁed period, assuming that dividends are 
re-invested to purchase additional shares.
Performance graph – Total Shareholder Return 
300
250
200
150
100
50
0
Datastream Return Index rebased to 100
Mar 07
Jun 07
Sep 07
Dec 07
Mar 08
Jun 08
Sep 08
Dec 08
Mar 09
Jun 09
Sep 09
Dec 09
Mar 10
Jun 10
Sep 10
Dec 10
Mar 11
Jun 11
Sep 11
Dec 11
Mar 12
FTSE Engineering & Machinery
Chamberlin plc
Service contracts
All executive Directors who served during the year have rolling service contracts terminable on no more than 1 years’ notice.
Non-executive Directors
Remuneration of the non-executive Directors, apart from the Chairman, is approved each year by the Chairman and the executive Directors. The Chairman’s 
remuneration is approved by the Remuneration Committee.
Directors’ remuneration
Total remuneration
excluding pensions
Basic
salary
£000
Fees
£000
Benefits
£000
Annual
bonus
£000
2012
£000
2011
£000
Executive
Tim Hair* 205 — 25 115 345 335
Mark Bache 140 — 13 85 238 236
Non-Executive
Keith Butler-Wheelhouse 
(appointed 1 March 2012) 6——— 6 —
Tom Brown (retired 29 February 2012)
†
13 39 — — 52 57
 Keith Jackson 23——— 23 23
 Alan Howarth 23——— 23 23
Total 410 39 38 212 687 726
Total 2011 423 43 39 221 726
* Highest paid Director in 2011 and 2012.
†
 Includes consultancy fees in respect of services provided to the Company. chamberlin plc
28
Beneﬁts include all assessable tax beneﬁts arising from employment by the Company, and relate mainly to the provision of company cars and private medical 
insurance. The ﬁgures above represent emoluments earned as Directors during the relevant ﬁnancial year. Such emoluments are paid in the same ﬁnancial year 
with the exception of bonuses which are paid in the year following that in which they are earned. The emoluments of other key management personnel are 
disclosed in note 26.
Directors’ pensions
No retirement beneﬁts accrued during the year, or prior years, to Directors under the Chamberlin & Hill Staﬀ Pension and Life Assurance Scheme (2011: nil) 
which is a closed deﬁned beneﬁt scheme.
Contributions into personal pension plans
Percentage of 
basic salary 
Contribution
paid 
2012
 £000
Contribution 
paid 
2011
£000
T Hair 10% 21 19
M Bache 8% 11 10
No other pension contributions were paid in respect of Directors other than as disclosed above.
Directors’ options
31 March 
2011
Granted 
in year 
Exercised 
in year
Lapsed or
 surrendered 
in year
31 March 
2012
Option 
exercise 
price Exercisable between Note
Tim Hair 16,665 — — 16,665 — nil —
16,665——— 16,665 nil 27.03.2012–27.03.2017
11,940 — — 11,940 — nil —
132,000 — 101,508 30,492 — nil —
193,935 — — 101,508 92,427 52.8p 23.02.2013–23.02.2020 #
698,584——— 698,584 52.8p 23.02.2013–23.02.2020
Mark Bache 12,819 — — 12,819 — nil —
12,819——— 12,819 nil 27.03.2012–27.03.2017
17,910 — — 17,910 — nil —
96,000 — 40,000 22,176 33,824 nil 19.12.2011–19.12.2018
152,367 — — 73,824 78,543 52.8p 23.02.2013–23.02.2020 #
293,892——— 293,892 52.8p 23.02.2013–23.02.2020
1,655,596 — 141,508 287,334 1,226,754
Options marked # are granted in parallel to options in existence at 31 March 2009, as noted above. These options are only tested against the vesting conditions 
as set out on page 26 (and thus potentially become eligible to vest), in the event that the options that they are granted in parallel to fail to vest. Only the 
original options or the parallel options can vest, not both.
Directors’ Remuneration Report continued chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
29
Introduction Performance Governance Financial Statements
Option grants are exercisable only upon the achievement of the performance targets explained on page 26.
No consideration is payable for the grant of an option, which is exercisable at a price to be determined by the Remuneration Committee at the time when the 
option is granted as detailed above.
The exercise of share options resulted in a gain for Tim Hair of £134,000 and a gain for Mark Bache of £53,000. At the time of exercise the Company’s share 
price was 132p.
287,334 options lapsed as the vesting criteria were not met. 
There have been no changes in the interests set out above between 1 April 2012 and 21 May 2012. 
The mid-market price of the shares at 31 March 2012 was 144p and during the year ranged between 93.5p and 160p.
On behalf of the Board
Alan Howarth
Chairman, Remuneration Committee
21 May 2012 chamberlin plc
30
Independent Auditors’ Report 
to the members of Chamberlin plc
We have audited the ﬁnancial statements of Chamberlin plc for the year ended 31 March 2012 which comprise the Consolidated Income Statement, the 
Consolidated Statement of Comprehensive Income, the Consolidated and Parent Company Balance Sheet, the Consolidated and Parent Company Cash Flow 
Statement, the Group and Parent Company Statement of Changes in Equity and the related notes 1 to 26. The ﬁnancial reporting framework that has been 
applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union and, as regards the 
Parent Company ﬁnancial statements, as applied in accordance with the provisions of the Companies Act 2006.
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has 
been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other 
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members 
as a body, for our audit work, for this report, or for the opinions we have formed. 
Respective responsibilities of Directors and Auditor
As explained more fully in the Statement of Directors’ Responsibilities set out on page 21, the Directors are responsible for the preparation of the ﬁnancial 
statements and for being satisﬁed that they give a true and fair view. Our responsibility is to audit and express an opinion on the ﬁnancial statements in 
accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices 
Board’s Ethical Standards for Auditors.
Scope of the audit of the ﬁnancial statements
An audit involves obtaining evidence about the amounts and disclosures in the ﬁnancial statements suﬃcient to give reasonable assurance that the ﬁnancial 
statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are 
appropriate to the Group’s and the Parent Company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of 
signiﬁcant accounting estimates made by the Directors; and the overall presentation of the ﬁnancial statements. In addition, we read all the ﬁnancial and non-
ﬁnancial information in the Annual Report and Accounts to identify material inconsistencies with the audited ﬁnancial statements. If we become aware of any 
apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on ﬁnancial statements
In our opinion:
 the ﬁnancial statements give a true and fair view of the state of the Group’s and of the Parent Company’s aﬀairs as at 31 March 2012 and of the Group’s 
proﬁt for the year then ended;
 the Group ﬁnancial statements have been properly prepared in accordance with IFRSs as adopted by the European Union; 
 the Parent Company ﬁnancial statements have been properly prepared in accordance with IFRSs as adopted by the European Union and as applied in 
accordance with the provisions of the Companies Act 2006; and
 the ﬁnancial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for the ﬁnancial year for which the ﬁnancial statements are prepared is consistent with the 
ﬁnancial statements. chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
31
Introduction Performance Governance Financial Statements
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
 adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not 
visited by us; or
 the Parent Company ﬁnancial statements are not in agreement with the accounting records and returns; or
 certain disclosures of Directors’ remuneration speciﬁed by law are not made; or
 we have not received all the information and explanations we require for our audit.
Christopher Voogd 
(Senior statutory auditor)
for and on behalf of Ernst & Young LLP , Statutory Auditor
Birmingham
21 May 2012 chamberlin plc
32 32
successfully growing 
our chosen markets chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
33
Introduction Performance Governance Financial Statements
In order to meet the latest EU emissions standards, car manufacturers are 
now beginning to introduce turbocharged petrol engines as a means of 
improving fuel eﬃciency. As a consequence the proportion of petrol engine 
cars that are turbo charged is expected to grow from approximately 10% 
currently to over 90% by 2016.
Chamberlin & Hill Castings Ltd is one of only a small number of European 
foundries with the technical capability to develop and supply the highly 
complex castings that form a key component of the turbocharger.
With a track record producing these demanding castings for diesel cars, 
our Walsall team have been able to apply their expertise to the fast growing 
petrol turbocharger market. Following a two year development phase, a 
number of parts went into production during the year. This work is ongoing 
with more products going into production during 2012/13.
Turbochargers
Use your phone’s bar code app and go directly 
to our website.
Pictured: Bearing housing for engine turbochargers chamberlin plc
34
Consolidated Income Statement
for the year ended 31 March 2012
Year ended 31 March 2012 Year ended 31 March 2011
Notes
Underlying
£000
Non-
underlying*
£000
Total
£000
Underlying
£000
Non-
underlying*
£000
Total
£000
Revenue 3 45,532 — 45,532  39,801 — 39,801 
Cost of sales (36,652) —  (36,652)  (32,368)  —  (32,368)
Gross profit 8,880 — 8,880  7,433 — 7,433
Other operating expense 4 (7,145) — (7,145)  (6,529) — (6,529)
Trading profit 1,735 — 1,735 904 — 904
Business reorganisation costs — — — — (121)  (121) 
Goodwill impairment — — — — (202)  (202) 
Share-based payment charge —  (148)  (148) — (73)  (73)
Operating profit/(loss) 7 1,735  (148)  1,587  904  (396)  508
Finance costs 6 (78)  (79)  (157)  (100)  (75)  (175)
Profit/(loss) before tax 1,657 (227)  1,430  804  (471)  333
Tax (expense)/credit 8 (242)  59  (183)  (305)  70  (235)
Profit/(loss) for the year from
continuing operations attributable to 
equity holders of the Parent Company 1,415 (168)  1,247  499  (401)  98 
Earnings per share:
basic 11 16.1p 1.3p
underlying 11 18.3p 6.7p
diluted 11 14.5p 1.2p
diluted underlying 11 16.5p 6.1p
* Non-underlying items represent business reorganisation costs, goodwill impairment, net financing costs on pension obligations, share-based payment costs and associated tax impact. chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
35
Introduction Performance Governance Financial Statements
Consolidated Statement of Comprehensive Income
for the year ended 31 March 2012
Notes
2012
£000
2011
£000
Profit for the year 1,247  98
Other comprehensive income
Movements in fair value on cash flow hedges taken to other comprehensive income  250  (108)
Reclassification for cash flow hedge included in cost of sales 229  (142)
Deferred tax on movement in cash flow hedges (120)  65
Actuarial losses on pension assets and liabilities 22 (1,206)  (59)
Deferred tax on actuarial losses 314  16
Movement on deferred tax on actuarial losses relating to rate change (61)  —
Other comprehensive income for the period net of tax (594)  (228)
Total comprehensive income for the period 
attributable to equity holders of the Parent Company 653  (130) chamberlin plc
36
Consolidated Balance Sheet
at 31 March 2012
Notes
31 March
 2012
£000
31 March 
2011
£000
Non-current assets
Property, plant and equipment 13 8,121  8,170
Intangible assets 14 642  494
Deferred tax asset 18 1,056  763
9,819 9,427
Current assets
Inventories 15 3,846  2,969
Trade and other receivables 16 8,959  9,588
 12,805  12,557 
Total assets 22,624  21,984
Current liabilities
Financial liabilities 17 1,558  2,881
Trade and other payables 17 8,684  8,952
Provisions 17 —  85
Current tax 145  —
10,387 11,918 
Non-current liabilities
Deferred tax 18 133  85
Defined benefit pension scheme deficit 22 3,061  2,202
3,194 2,287 
Total liabilities 13,581  14,205 
Capital and reserves
Share capital 19 1,987  1,859
Share premium 1,269 862
Capital redemption reserve 109 109
Hedging reserve 174 (185)
Retained earnings 5,504 5,134
Total equity 9,043 7,779 
Total equity and liabilities 22,624 21,984 
Tim Hair
Directors
Mark Bache
}
The accounts were approved by the Board of Directors on 21 May 2012. chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
37
Introduction Performance Governance Financial Statements
Parent Company Balance Sheet
at 31 March 2012
Notes
31 March 
2012
£000
31 March 
2011
£000
Non-current assets
Property, plant and equipment 13 1,028  1,038
Intangible assets 14 5  3
Investments 21 8,159  8,159
Deferred tax asset 18 897  596
10,089 9,796
Current assets
Trade and other receivables 16 200  150
Income taxes receivable 16 47  14
Amounts due from subsidiary undertakings 16 4,968  7,898
5,215 8,062
Total assets 15,304  17,858
Current liabilities
Financial liabilities 17 3,055  4,224
Trade and other payables 17 672  557
Amounts due to subsidiary undertakings 17 606  1,942
 4,333  6,723 
Non-current liabilities
Amounts due to subsidiary companies 18 —  66
Deferred tax 18 24  34
Defined benefit pension scheme deficit 22 3,061  2,202
3,085 2,302 
Total liabilities 7,418  9,025 
Capital and reserves
Share capital 19 1,987  1,859
Share premium 1,269 862
Capital redemption reserve 109 109
Retained earnings 4,521 6,003
Total equity 7,886 8,833 
15,304 17,858
Tim Hair
Directors
Mark Bache
}
The accounts were approved by the Board of Directors on 21 May 2012. chamberlin plc
38
Consolidated Cash Flow Statement
for the year ended 31 March 2012
Operating activities Notes
31 March
2012
£000
31 March
2011
£000
Profit for the year before tax 1,430 333
Adjustments to reconcile profit for the year to net cash 
inflow from operating activities:
Net finance costs excluding pensions 6 78  100
Depreciation of property, plant and equipment 13 1,219  1,101
Amortisation of software 14 79  63
Amortisation of development costs 14 48  83
Goodwill impairment — 202
Profit on disposal of property, plant and equipment 7 (68)  (20)
Share-based payments 20 148  73
Difference between pension contributions paid and 
amounts recognised in the Income Statement (347)  (223)
(Increase)/decrease in inventories (877) 325
Decrease/(increase) in receivables 873  (3,215) 
(Decrease)/increase in payables (68)  2,932 
Movement in provisions (85)  37 
Cash generated from operations 2,430 1,791
Net cash inflow from operating activities 2,430  1,791 
Investing activities
Purchase of property, plant and equipment 13 (1,185)  (1,026)
Purchase of software 14 (243)  (191)
Development costs 14 (32)  —
Disposal of plant and equipment 83 94
Net cash outflow from investing activities (1,377) (1,123) 
Financing activities
Interest paid 6 (78)  (100)
Proceeds from issue of share capital 500  —
Dividends paid (152)  —
Net cash inflow/(outflow) from financing activities 270  (100)
Net increase in cash and cash equivalents 1,323  568 
Cash and cash equivalents at the start of the year (2,881)  (3,449)
Cash and cash equivalents at the end of the year (1,558)  (2,881)
Cash and cash equivalents comprise:
Financial liabilities 17 (1,558)  (2,881) 
 (1,558)  (2,881) chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
39
Introduction Performance Governance Financial Statements
Parent Company Cash Flow Statement
for the year ended 31 March 2012
Operating activities Notes
31 March
2012
£000
31 March
2011
£000
Loss for the year before tax (542) (445)
Adjustments to reconcile loss for the year to net cash 
inflow from operating activities:
Net finance costs excluding pensions 145  140
Depreciation of property, plant and equipment 13 74  50
Amortisation of software 14 2  —
Share-based payments 20 148  51
Difference between pension contributions paid and 
amounts recognised in the Income Statement (347)  (223)
Decrease/(increase) in receivables 2,914  676
(Decrease)/increase in payables (1,364)  282
Net cash inflow from operating activities 1,030  531
Investing activities
Purchase of property, plant and equipment 13 (70)  (63)
Purchase of software 14 (4)  (3)
Disposal of plant and equipment 10 7
Net cash outflow from investing activities (64)  (59)
Financing activities
Interest paid (145)  (140)
Proceeds from issue of share capital 500  —
Dividends paid (152)  —
Net cash inflow/(outflow) from financing activities 203 (140)
Net increase in cash and cash equivalents 1,169  332 
Cash and cash equivalents at the start of the year (4,224)  (4,556)
Cash and cash equivalents at the end of the year (3,055)  (4,224)
Cash and cash equivalents comprise:
Financial liabilities 17 (3,055)  (4,224) 
 (3,055)  (4,224) chamberlin plc
40
Statement of Changes in Equity
Group
Share 
capital
£000
Share
premium
account
£000
Capital 
redemption
reserve
£000
Hedging 
reserve
£000
Retained
earnings
£000
Attributable to
equity holders
of the Parent
£000
Balance at 1 April 2010 1,859  862  109  —  5,028  7,858 
Profit for the year —  —  —  —  98  98 
Other comprehensive income 
for the year net of tax  —  —  —  (185)  (43)  (228) 
Total comprehensive income —  —  —  (185)  55  (130) 
Share-based payment  —  —  —  —  51  51 
Balance at 1 April 2011 1,859  862  109  (185)  5,134  7,779 
Profit for the year —  —  —  —  1,247  1,247 
Other comprehensive income 
for the year net of tax  —  —  —  359  (953)  (594) 
Total comprehensive income —  —  —  359  294  653 
Share placement 93  407  —  —  —  500 
Share options issued 35  —  —  —  (35)  — 
Dividends paid —  —  —  —  (152)  (152) 
Share-based payment  —  —  —  —  113  113 
Deferred tax on employee share options —  —  —  —  150  150 
Balance at 31 March 2012 1,987  1,269  109 174 5,504  9,043 
Company
Share
capital
£000
Share
premium
account
£000
Capital
redemption
reserve
£000
Retained
earnings
£000
Attributable to
equity holders
of the 
Company
£000
Balance at 1 April 2010 1,859  862  109  6,540  9,370 
Loss for the year —  —  —  (545)  (545) 
Other comprehensive income for the year net of tax  —  —  —  (43)  (43) 
Total comprehensive income —  —  —  (588)  (588) 
Share-based payment  —  —  —  51  51 
Balance at 1 April 2011 1,859  862  109  6,003  8,833 
Loss for the year —  —  —  (605)  (605) 
Other comprehensive income for the year net of tax  —  —  —  (953)  (953) 
Total comprehensive income —  —  —  (1,558)  (1,558) 
Share placement 93  407  —  —  500 
Share options issued 35  —  —  (35)  — 
Dividends paid —  —  —  (152)  (152) 
Share-based payment —  —  —  113  113 
Deferred tax on employee share options —  —  —  150  150 
Balance at 31 March 2012 1,987  1,269  109  4,521 7,886  chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
41
Introduction Performance Governance Financial Statements
Statement of Changes in Equity continued
Share premium account
The share premium account balance includes the proceeds that were above the nominal value from issuance of the Company’s equity share capital 
comprising 25p shares.
Capital redemption reserve
The capital redemption reserve has arisen on the cancellation of previously issued shares and represents the nominal value of those shares cancelled.
Retained earnings
Retained earnings include the accumulated profits and losses arising from the Consolidated Income Statement and items from the Consolidated 
Statement of Comprehensive Income attributable to equity shareholders, less distributions to shareholders and Share-based compensation expense.
Hedging reserve
The hedging reserve records the effective portion of the net change in the fair value of the cash flow hedging instruments related to hedged transactions 
that have not yet occurred. chamberlin plc
42
1 Authorisation of financial statements and statement of compliance with IFRS
The Group’s and Company’s financial statements of Chamberlin plc (the ‘Company’) for the year ended 31 March 2012 were authorised for issue by the 
Board of the Directors on 21 May 2012 and the balance sheets were signed on the Board’s behalf by Tim Hair and Mark Bache. The Company is a 
public limited company incorporated and domiciled in England & Wales. The Company’s ordinary shares are traded on AIM within the London Stock 
Exchange.
The Group’s financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The Company’s financial 
statements have been prepared in accordance with IFRS as adopted by the European Union and as applied in accordance with the provisions of the 
Companies Act 2006. 
The principal accounting policies adopted by the Group and by the Company are set out in note 2. 
2 Summary of significant accounting policies 
Basis of preparation
The consolidated financial statements have been prepared on a historical cost basis and are presented in sterling and all values are rounded to the 
nearest thousand pounds (£000) except when otherwise indicated. The Company has taken advantage of the exemption provided under section 408 
of the Companies Act 2006 not to publish its individual income statement and related notes.
Basis of consolidation
The consolidated financial statements comprise the financial statements of Chamberlin plc and its subsidiaries as at 31 March each year. The financial 
statements of subsidiaries are prepared for the same reporting year as the Parent Company, using consistent accounting policies. All inter-company balances 
and transactions, including unrealised profits arising from intra-group transactions, have been eliminated in full. Subsidiaries are consolidated from the date 
on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group.
Going concern 
The Group’s activities together with the factors likely to affect its future development, performance and financial position, including its cash flows, 
liquidity position and borrowing facilities, are described in the Business Review, which comprises the Chief Executive’s review and the Finance Director’s 
review on pages 10 to 13. In addition, note 25 to the Group Financial Statements includes the Group’s objectives and policies for managing capital and 
financial risks in relation to currency, interest rates, credit and liquidity.
The Group’s forecasts and projections, taking account of reasonably possible changes in trading conditions, show that the Group is able to operate 
within the level of its current bank facilities, the principal element of which is a £5m overdraft facility expiring in May 2013. As a consequence, the 
Directors believe that the Group is well placed to manage its business risks successfully despite the current economic uncertainty.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the 
foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the Financial Statements.
Presentation of the Consolidated Income Statement
The Income Statement is allocated between Underlying items which relate to the trading activities of the business and Non-underlying items which are 
either non-recurring or are valued using market derived data which is outside of management’s control. The Directors believe that this format sets out 
the performance of the Group more clearly.
New standards adopted 
The accounting policies adopted are consistent with those of the previous financial year. Amended IFRS that have become effective in the period have 
not had a material impact on the financial statements.
Notes to the Accounts
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
43
Introduction Performance Governance Financial Statements
2 Summary of significant accounting policies continued
New standards and interpretations not applied 
The IASB and IFRIC have issued the following standards and interpretations with an effective date for annual periods beginning after the date of these 
financial statements. They have not been adopted early by the Group and the Directors do not anticipate that the adoption of these standards and 
interpretations will have a material impact on the Group’s reported income or net assets in the period of adoption.
International Accounting Standards Effective date
IAS 1 Financial Statement Presentation — Presentation of Items of Other Comprehensive Income 1 July 2012
IAS 12 Income Taxes (Amended) 1 January 2012
IAS 19 Employee Benefits (Amended) 1 January 2013
IAS 27 Separate Financial Statements (revised) 1 January 2013
IAS 28 Investments in Associates and Joint Ventures (revised) 1 January 2013
IFRS 7 Financial Instruments: Disclosures (Amended) 1 July 2011
IFRS 9 Financial Instruments: Classification and Measurement 1 January 2015
IFRS 10 Consolidated Financial Statements 1 January 2013
IFRS 11 Joint Arrangements 1 January 2013
IFRS 12 Disclosure of Involvement with Other Entities 1 January 2013
IFRS 13 Fair Value Measurement 1 January 2013
IFRS 7 & IAS 32 Offsetting of Financial Instruments 1 January 2013 and 1 January 2014
    
International Financial Reporting Interpretive Committee (IFRIC)    
None   
Business combinations and goodwill
Business combinations from 1 April 2010
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration 
transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. The choice of measurement of 
non-controlling interest, either at fair value or at the proportionate share of the acquiree’s identifiable net assets is determined on a transaction by 
transaction basis. Acquisition costs incurred are expensed and included in administrative expenses.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance 
with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. 
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Subsequent changes to the fair 
value of the contingent consideration which is deemed to be an asset or liability will be recognised in accordance with IAS 39 either in profit or loss or 
in other comprehensive income. If the contingent consideration is classified as equity, it is not remeasured until it is finally settled within equity.
Goodwill is initially measured at cost being the excess of the aggregate of the acquisition-date fair value of the consideration transferred and the 
amount recognised for the non-controlling interest (and where the business combination is achieved in stages, the acquisition-date fair value of the 
acquirer’s previously held equity interest in the acquiree) over the net identifiable amounts of the assets acquired and the liabilities assumed in exchange 
for the business combination. Assets acquired and liabilities assumed in transactions separate to the business combinations, such as the settlement of 
pre-existing relationships or post-acquisition remuneration arrangements are accounted for separately from the business combination in accordance 
with their nature and applicable IFRSs. Identifiable intangible assets are recognised separately from goodwill. Contingent liabilities representing a 
present obligation are recognised if the acquisition-date fair value can be measured reliably. If the aggregate of the acquisition-date fair value of the 
consideration transferred and the amount recognised for the non-controlling interest (and where the business combination is achieved in stages, 
the acquisition-date fair value of the acquirer’s previously held equity interest in the acquiree) is lower than the fair value of the assets, liabilities and 
contingent liabilities and the fair value of any pre-existing interest held in the business acquired, the difference is recognised in profit and loss. chamberlin plc
44
2 Summary of significant accounting policies continued
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired 
in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the 
combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Each unit or group of units to which goodwill 
is allocated shall represent the lowest level within the entity at which goodwill is monitored for internal management purposes and will not be larger 
than an operating segment before aggregation. Goodwill is tested for impairment when indicators of impairment are identified.
Where goodwill forms part of an operation which is disposed of, the goodwill associated with that operation is included in the carrying amount of the 
operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative 
values of the operation disposed of and the portion of the cash-generating unit retained.
Business Combinations prior to 1 April 2010
Business combinations are accounted for using the purchase method. The cost of an acquisition is measured as the cash paid, and the fair value of other 
assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. The 
acquired identifiable assets, liabilities and contingent liabilities are measured at their fair value at the date of acquisition. 
Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of 
acquisition below the fair values of the identifiable net assets acquired (i.e. discount on acquisition) is credited to the income statement in the period of 
acquisition. 
Goodwill on acquisition is initially measured at cost being the excess of the cost of the business combination over the acquirer’s interest in the net fair 
value of the identifiable assets, liabilities and contingent liabilities. Following initial recognition, goodwill is measured at cost less any accumulated 
impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying 
value may be impaired.
As at the acquisition date, any goodwill acquired is allocated to each of the cash-generating units acquired. Impairment is determined by assessing the 
recoverable amount of the cash-generating unit to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than 
the carrying amount, an impairment loss is recognised. When there is a partial disposal of a cash-generating unit, goodwill relating to the operation 
disposed of is taken into account in determining the gain or loss on disposal of that operation. The amount of goodwill allocated to a partial disposal is 
measured on the basis of the relative values of the operation disposed of and the operation retained.
Property, plant and equipment
All classes of property, plant and equipment are stated at cost less accumulated depreciation and any impairment in value. The initial cost of an asset 
comprises its purchase price or construction cost, and any costs directly attributable to bringing the asset into operation. The purchase price or 
construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. For property, where appropriate 
the deemed cost as at the date of transition to IFRS is the fair value at the date of the last valuation of these assets.
With the exception of freehold land, depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows:
Freehold buildings and long leasehold property — over expected useful life (not exceeding 50 years)
Short leasehold property    — over the term of the lease
Plant and other equipment    — 2 to 10 years
Motor vehicles     — 4 years
The estimated useful lives of property, plant and equipment are reviewed on an annual basis and, if necessary, changes in useful lives are accounted for 
prospectively.
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
45
Introduction Performance Governance Financial Statements
2 Summary of significant accounting policies continued
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value 
may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets or cash-
generating units are written down to their recoverable amount.
The recoverable amount of property, plant and equipment is the greater of net selling price (fair value less costs to sell) and value in use. In assessing 
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments 
of the time value of money and the risks specific to the asset. 
For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the 
asset belongs. Impairment losses are recognised in the income statement in the cost of sales line item or in the other operating expenses line item 
depending on the asset concerned.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the 
continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and 
the carrying amount of the item) is included in the income statement in the year the item is derecognised.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Computer software, intellectual property rights 
and other intangible assets are initially recorded at cost. Where these assets have been acquired through a business combination, this will be the fair 
value allocated in the acquisition accounting. Where these have been acquired other than through a business combination, the initial cost is the 
aggregate amount paid and the fair value of any other consideration given to acquire the asset. Computer software and other intangible assets, such as 
capitalised development expenditure under IAS 38, are amortised over their useful lives on a straight-line basis with the amortisation charge included 
within other operating expenses. Estimated useful life is the shorter of legal duration and economic useful life, which represents the Directors’ best 
estimate of the period over which the asset may be used to generate significant economic benefits to the Group. Software has an estimated useful life 
of between 3 years for normal software to 10 years for ERP systems.
Intangible assets in the course of development are tested for impairment annually or more frequently whenever events or changes in circumstances 
indicate that the carrying value may not be recoverable. Impairment losses are measured on a similar basis to property, plant and equipment. Useful 
lives are also examined on an annual basis and adjustments, where applicable, are made on a prospective basis.
Research and development costs
Research costs are expensed as incurred.
Clearly defined and identifiable development projects in which the technical degree of exploitation, adequacy of resources and potential market or 
development possibility in the undertaking can be clearly demonstrated, and where it is the intention to produce, market or execute the project, 
are capitalised when a correlation exists between the costs incurred and future benefits. Costs not meeting such criteria are expensed as incurred. 
Amortisation is applied as set out for intangible assets above, the useful life being determined for individual development projects. For projects 
capitalised to date a useful life of 5 years was considered appropriate.
The Company’s investments in subsidiaries
 Investments in subsidiaries are stated at cost and dividends from subsidiaries are taken to profit or loss when the right to receive payment is established. chamberlin plc
46
2 Summary of significant accounting policies continued
Inventories
Inventories are valued at the lower of cost and net realisable value, which is arrived at as follows:
— Raw materials; purchase cost on a first-in, first-out basis;
— Finished goods and work-in progress; where detailed individual product costing information is available, actual cost of direct materials and labour 
and a proportion of manufacturing overheads based on normal operating capacity but excluding borrowing costs. 
Where considered appropriate, cost of finished goods and work in progress is arrived at from selling price less the calculated margin on the products 
concerned. This method is utilised within the engineering division in the absence of detailed individual product costing information. 
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs 
necessary to make the sale.
Trade and other receivables
Trade receivables, which generally have 30-60 day terms, are recognised and carried at original invoice amount less any provision for bad debts. A 
provision for impairment, in respect of trade receivables, is made when there is objective evidence (such as the probable insolvency or significant 
financial difficulties of the debtor) that the Group will not be able to collect all of the amount due under the original terms of the invoice. The carrying 
amount of the receivable is reduced through a provision and impaired debts are derecognised when they are assessed as uncollectible.
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash in hand and current balances with banks and similar institutions and short-term deposits 
with an original maturity of three months or less which are subject to insignificant risks of changes in value.
For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of 
outstanding bank overdrafts.
Leases
Operating lease payments are recognised as an expense in the income statement on a straight-line basis over the lease term.
Foreign currency translation, derivative financial instruments and hedging
The functional and presentation currency of Chamberlin plc and its subsidiary undertakings is sterling (£). Transactions in foreign currencies are 
recorded in the functional currency at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign 
currencies are retranslated at the functional currency rate of exchange ruling at the balance sheet date. Any resulting exchange differences are taken to 
the income statement.
The Group is exposed to foreign exchange risk on income streams denominated in foreign currencies. In order to reduce the Group’s exposure to 
currency fluctuations the Group sells a proportion of expected Euro revenues on forward contracts.
With effect from 1 April 2010 the Group adopted hedge accounting in respect of certain sales denominated in foreign currencies. Foreign currency 
forward contacts are being used to hedge the foreign currency risks on highly probable forecasted sales transactions. The fair value of forward currency 
contracts is calculated by reference to current market prices for contracts with similar maturity profiles. The proportion of the gain or loss on the 
hedging instrument that is determined as an effective hedge is recognised in other comprehensive income and the gain or loss on any ineffective 
component of a hedging instrument is recognised in profit and loss. Amounts initially recognised in equity are transferred to the income statement 
within cost of sales when the forecast hedged transaction occurs.
At 31 March 2012 the Group held 12 foreign currency forward contracts designated as hedges of expected future sales to customers in Europe for 
which the Group has highly probable forecasted transactions.
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
47
Introduction Performance Governance Financial Statements
2 Summary of significant accounting policies continued
Employee Benefits
Wages, salaries, bonuses, social security contributions, paid annual leave and sick leave are accrued in the year in which the associated services are 
rendered by employees of the Group. 
Pensions and other post-employment benefits
The Group operates a number of defined contribution schemes, which require contributions to be made to administered funds separate from the 
Group.
The Group also has a defined benefit pension scheme which is closed to future accrual. The scheme assets are measured at fair value and plan liabilities 
are measured on an actuarial basis, using the projected unit method. As the scheme is closed to future accrual, no service cost of providing pension to 
employees is charged to the income statement. The cost of making improvements to pension and other post-retirement benefits is recognised in the 
income statement on a straight-line basis over the period during which the increase in benefits vests. To the extent that any improvement in benefits 
vests immediately, the cost is recognised immediately. These costs are recognised as an expense.
The interest element of the defined benefit cost represents the change in present value of scheme obligations resulting from the passage of time, and is 
determined by applying the discount rate to the opening present value of the benefit obligation, taking into account material changes in the obligation 
during the year. The expected return on plan assets is based on an assessment made at the beginning of the year of long-term market returns on 
scheme assets, adjusted for the effect on the fair value of plan assets of contributions received and benefits paid during the year. The difference between 
the expected return on plan assets and the interest cost is recognised in the income statement as finance revenue or cost.
Actuarial gains and losses may result from: differences between the expected return and the actual return on plan assets; differences between the 
actuarial assumptions underlying the plan liabilities and actual experience during the year; or changes in the actuarial assumptions used in the valuation 
of the plan liabilities. Actuarial gains and losses are recognised in full in the period in which they occur, in the statement of other comprehensive 
income.
For defined contribution plans, contributions payable for the year are charged to the income statement as an operating expense.
Income taxes
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and 
laws that are enacted or substantively enacted by the balance sheet date.
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the 
financial statements, with the following exceptions:
 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business 
combination that at the time of the transaction affects neither accounting nor taxable profit or loss;
 in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where the timing of the reversal of 
the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and
 deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible 
temporary differences, carried forward tax credits or tax losses can be utilised within the next financial year.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is 
realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Income tax is charged or credited directly to other comprehensive income or equity if it relates to items that are credited or charged to other 
comprehensive income or to equity respectively. Otherwise income tax is recognised in the income statement. chamberlin plc
48
2 Summary of significant accounting policies continued
Revenue
Revenue is recognised when the significant risks and rewards of ownership of the goods, in line with the International Commercial terms as defined by 
the International Chamber of Commerce, have passed to the buyer and can be reliably measured. Revenue is measured at the fair value of the 
consideration received or receivable and represents amounts receivable for goods provided in the normal course of business, net of discounts, customs 
duties and sales taxes.
Dividends
Dividend payments are recognised in the period in which they become a binding obligation on the Company, which for interim dividends is when they 
are paid and for final dividends is when they are approved at the AGM.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset, that necessarily takes a substantial period of time to get 
ready for its intended use or sale, are capitalised as part of the cost of the respective asset. All other borrowing costs are expensed as interest payable 
in the income statement in the period in which they are incurred. Borrowing costs consist of interest and other costs incurred in connection with the 
borrowing of funds.
Share-based payments
The Group grants equity-settled and cash-settled share-based payments to certain Directors and employees in the form of share options. Equity-settled 
share-based payments are measured at fair value at the date of grant using the Black-Scholes pricing model. Cash-settled share-based payments are 
measured at fair value at the balance sheet date using the Black-Scholes pricing model. The fair value is then charged to the income statement over the 
vesting period of the options. In valuing equity-settled payments, no account is taken of any service and performance conditions (vesting conditions) 
other than performance conditions linked to the price of the shares of the Company (market conditions). Any other conditions which are required 
to be met in order for an employee to become fully entitled to an award are considered to be non-vesting conditions. Like market performance 
conditions, non-vesting conditions are taken into account in determining the grant date fair value.
No expense is recognised for awards that do not ultimately vest except for awards where vesting is conditional upon a market vesting condition or a 
non-vesting condition, which are treated as vesting irrespective of whether or not the market vesting condition or non-vesting condition is satisfied, 
provided all non-market vesting conditions are satisfied.
At each balance sheet date before vesting the cumulative expense is calculated taking into account the extent to which the vesting period has expired 
and management’s best estimate of the achievement or otherwise of non-market vesting conditions and of the number of equity instruments that will 
ultimately vest or, in the case of an instrument subject to a market condition or a non-vesting condition, be treated as vesting above. The movement 
since the previous balance sheet date is recognised in the income statement, with a corresponding entry in equity.
The values for the expected life of the options and the expected volatility of the share price used in the calculation model are based on the Directors’ 
best estimates, taking into account conditions for exercise, historic data and behavioural considerations.
Non-underlying items
The Group presents as non-underlying items on the face of the income statement, those items of income and expenditure which, because they are 
either non-recurring or are valued using market derived data which is outside management’s control, merit separate presentation to allow shareholders 
to better understand the elements of financial performance in the year, so as to facilitate comparison with prior periods and to allow assessment of 
trends in financial performance. Non-underlying items include business reorganisation costs, goodwill impairment costs, share-based payment costs, net 
financing costs of pension obligations and associated tax impact.
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
49
Introduction Performance Governance Financial Statements
2 Summary of significant accounting policies continued
Use of accounting estimates and judgements
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and 
judgements that affect the reported amount of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date 
and the reported amounts of revenues and expenses during the reporting period. Actual outcomes could differ from those estimates and judgements. 
Where appropriate, details of estimates and assumptions used are set out in the relevant notes to the accounts.
The key figures in the accounts that are most sensitive to such estimates and assumptions are:
 Impairment of Development Costs – the Group determines whether development costs are impaired on an annual basis or more frequently if 
there are indicators of impairment. Impairment testing requires an estimate of future cash flows and the choice of a suitable discount rate.
 Defined benefit scheme pension liabilities – the cost of the closed defined benefit pension plan is determined using actuarial valuations. The 
actuarial valuation involves making assumptions about discount rates, expected rates of return on assets, future salary increases, mortality rates and 
future pension increases.
 Dilapidations – the Group makes provision for dilapidation costs, in respect of leasehold premises, based on management’s best estimate, based on 
external professional advice, of the costs of making good such dilapidations.
 Restructuring provisions – the Group makes provision for restructuring costs, based on management’s best estimate of the costs of implementing 
such a restructuring.
 Recoverability of deferred tax assets – deferred income tax assets are recognised only to the extent that it is probable that taxable profits will be 
available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred tax assets relating 
to the pension scheme deficit are recognised to the extent that contributions into the pension scheme are designed to eliminate the deficit and 
return the scheme to a fully funded position by April 2020.
Exceptional items 
The Group presents as exceptional items on the face of the income statement, those material items of income and expense which, because of the 
nature and expected infrequency of the events giving rise to them, merit separate presentation to allow shareholders to understand better the elements 
of financial performance in the year, so as to facilitate comparison with prior periods and to assess better trends in financial performance.
3 Segmental analysis
For management purposes, the Group is organised into two operating divisions according to the nature of the products and services. Operating 
segments within those divisions are combined on the basis of their similar long-term characteristics and similar nature of their products, services and 
end users as follows:
The Foundries segment is a supplier of iron castings, in raw or machined form, to a variety of industrial customers who incorporate the castings into 
their own products or carry out further machining or assembly operations on the castings before selling them on to their customers.
The Engineering segment provides manufactured and imported products to distributors and end-users operating in the safety and security markets.
The products fall into the categories of door hardware, hazardous area lighting and control gear.
Management monitors the operating results of its divisions separately for the purposes of making decisions about resource allocation and performance 
assessment. The operating segments disclosed in the financial statements are the same as reported to the Chief Operating Decision Maker, the Chief 
Executive.
There are no transactions between reportable segments.
The Group’s geographical segments are determined by the location of the Group’s customers. chamberlin plc
50
3 Segmental analysis continued
(i) By operating segment
Year ended
Segmental revenue Segmental operating profit
2012
£000
2011
 £000 
2012
 £000 
2011
 £000
Foundries 37,354  33,082  2,076  1,335
Engineering 8,178  6,719  478  35
Segment results 45,532  39,801  2,554  1,650
Reconciliation of reported segmental operating profit
Segment operating profit 2,554 1,650
Shared Cost (including Share-based payment charge) (967) (818)
Reorganisation and impairment costs (note 12) — (324)
Net finance costs (note 6) (157) (175)
Profit before tax 1,430 333
Segmental assets
Foundries 15,951 14,490
Engineering 4,629 6,045
20,580 20,535
Segmental liabilities
Foundries (6,184) (4,813)
Engineering (1,741) (3,612)
(7,925) (8,425)
Segmental net assets 12,655  12,110
Unallocated net liabilities (3,612) (4,331)
Total net assets 9,043 7,779
Unallocated net liabilities include the pension liability of £3,061,000 (2011: £2,201,000), financial liabilities of £1,558,000 (2011: £2,881,000), deferred tax 
asset of £923,000 (2011: £678,000) and other assets of £84,000 (2011: £73,000).
Capital expenditure, depreciation and amortisation
Foundries Engineering Total
Capital additions
2012
£000
2011
£000
2012
£000
2011
£000
2012
£000
2011
£000
Property, plant and equipment 
(note 13) 818  727  367  299  1,185  1,026
Software (note 14) 237  190  6  1  243  191
Development costs (note 14) —  —  32  —  32  —
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
51
Introduction Performance Governance Financial Statements
3 Segmental analysis continued
Foundries Engineering Total
Depreciation and amortisation
2012
£000
2011
£000
2012
£000
2011
£000
2012
£000
2011
£000
Property, plant and equipment 
(note 13) (945)  (930)  (274)  (172)  (1,219)  (1,102)
Software (note 14) (64)  (49)  (15)  (14)  (79)  (63)
Development costs (note 14) (42)  (57)  (6)  (26)  (48)  (83)
(ii) Geographical information
Revenue by location of customer
2012
£000
2011
£000
United Kingdom 31,956  26,903
Germany 7,196  6,270
Rest of Europe 3,413  3,860
Other countries 2,967  2,768
45,532 39,801
The Group’s assets and costs are all located within the United Kingdom.
No individual customer represents more than 10% of Group revenue (2011: none).
4 Other operating expenses
2012
£000
2011
£000
Distribution costs 1,237 1,069
Administration and selling expenses 5,908 5,460
Operating expenses before exceptional items 7,145 6,529
Exceptional items (note 12) — 323
Operating expenses 7,145 6,852
5 Staff numbers and costs
The average number of people employed by the Group during the year was:
2012
Number
2011
Number
Management and administration 92  79
Production 361  313
Total employees 453  392 chamberlin plc
52
5 Staff numbers and costs continued
The aggregate employment costs of these employees were as follows:
2012
£000
2011
£000
Wages and salaries 13,166  11,865
Social security costs 1,347  1,197
Other pension costs (note 22) 286  284
Share-based payment expense 148  73
14,947 13,419
Directors’ remuneration summary
2012
£000
2011
£000
Directors’ remuneration 687  694
Company contributions to money purchase pension scheme 32  33
Aggregate gains made by Directors on exercise of options 187  — 
Share-based payment charge of options granted to Directors (see note 20) 113  73
Number of Directors accruing benefits under:
Number Number
Defined contribution pension schemes 2  3
Directors’ remuneration is analysed in detail in the Directors’ Remuneration Report on pages 26 to 29.
The total amount payable to the highest paid Director in respect of remuneration was £345,000 (2011: £335,000). Company pension contributions
of £21,000 (2011: £19,000) were made to a money purchase pension scheme on his behalf. The aggregate gain made on exercise of share options
was £134,000 (2011: £nil).
6 Finance costs
2012
£000
2011
£000
Finance costs
Bank overdraft interest payable (78)  (100)
Finance cost of pensions (see note 22) (79)  (75)
(157) (175)
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
53
Introduction Performance Governance Financial Statements
7 Operating profit
2012
£000
2011
£000
This is stated after charging/(crediting):
Profit on disposal of fixed assets  (68)  (20)
Depreciation of owned assets 1,219  1,101
Amortisation of software 79  63
Research and development expenditure (excluding capitalised development: note 14) 56  47
Amortisation of development costs 48  83
Cost of inventories recognised as an expense 18,997  17,393
Business reorganisation costs (note 12) —  121
Goodwill impairment costs  —  202
Exchange (gain)/loss (46)  (91)
Auditors’ remuneration:
Group audit fees  30  30
Audit fees for statutory accounts of subsidiaries  55  47
Other services – interim review fees 5  5
Other services  55  — 
Rentals under operating leases:
Hire of plant and equipment 101  73
Other 331  352
Fees paid to the Company for non-audit services are not disclosed in these financial statements because the Group financial statements are required to 
disclose such fees on a consolidated basis.
8 Taxation
2012
£000
2011
£000
Current tax:
UK Corporation tax at 26% (2011: 28%) 145  — 
Adjustments in respect of prior years —  — 
145 — 
Deferred taxation:
Origination and reversal of timing differences 46  178
Adjustments in respect of prior years (16)  10
Change in tax rate 8  47
38 235
Tax expense reported in the consolidated income statement 183  235 chamberlin plc
54
8 Taxation continued
The Corporation tax rate fell from 28% for the year ended 31 March 2011 to 26% for the year ended 31 March 2012. The Corporation tax rate
will fall to 24% from 1 April 2012, a rate change which was substantively enacted on 26 March 2012. The Chancellor has announced progressive
reductions to 22% in corporation tax rates, with a 1% fall from 1 April 2013 and a further 1% fall from 1 April 2014 but these changes have
not been substantively enacted.
It is not anticipated that the subsequent reductions to 22%, once substantively enacted, will have a material effect on the Company’s future current or 
deferred tax charges.
During the year the Group utilised brought forward tax losses of £nil (2011: £99,000).
In addition to the amount charged to the consolidated income statement, tax movements recognised through equity were as follows:
2012
£000
2011
£000
Current tax: —  — 
— — 
Deferred taxation:
Retirement benefit obligation (314)  (16)
Fair value movements on cash flow hedges 120  (65)
Change in tax rate 61  — 
(133) (81)
Tax charge/(credit) reported in the statement of comprehensive income (133)  (81)
2012
£000
2011
£000
Current tax: — — 
— —
Deferred taxation:
Employee share options (150)  — 
Tax charge/(credit) reported in the statement of changes in equity (150) —
2012
£000
2011
£000
Reconciliation of total tax charge
Profit on ordinary activities before tax 1,430  333
Corporation tax credit at standard rate of 26% (2011: 28%) on profit before tax 372  93
Adjusted by the effects of:
Expenses not deductible for tax purposes 31  93
Short-term timing differences
— other timing differences (9)  (9)
— recognition of tax losses (203) —
Amounts under provided in prior years
— corporation tax —  10
— deferred tax (16)  1
Movement in deferred tax on change in corporation tax rate 8  47
Total tax expense reported in the income statement 183  235
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
55
Introduction Performance Governance Financial Statements
9 Dividends paid and proposed
2012
£000
2011
£000
Paid equity dividends on ordinary shares
2011 final dividend of 1.0p per share (2010: 0.0p per share) 75  — 
2012 interim dividend of 1.0p per share (2011: 0.0p per share) 77  — 
152 — 
Proposed final dividend subject to shareholder approval
2012 final dividend of 2.0p per share (2011: 1.0p per share) 159  75
10 Parent Company transfer to reserves
The loss dealt with in the accounts of the Parent Company was £605,000 (2011: £545,000).
11 Earnings per share
The calculation of earnings per share is based on the profit attributable to shareholders and the weighted average number of ordinary shares in issue. In 
calculating the diluted earnings per share, adjustment has been made for the dilutive effect of outstanding share options. Underlying earnings per share, 
as analysed below, which excludes non-underlying items as defined in note 2, summary of significant accounting policies, has also been disclosed as the 
Directors believe this allows a better assessment of the underlying trading performance of the Group.
Reorganisation and goodwill impairment costs are detailed in note 12.
2012
£000
2011
£000
Earnings for basic earnings per share 1,247  98
Reorganisation and goodwill impairment —  323
Taxation effect of reorganisation and goodwill impairment —  (31)
Net financing costs on pension obligations  79  75
Taxation effect of pension obligation (21)  (20)
Share-based payment charge 148  73
Taxation effect of share-based payments (38)  (19)
Earnings for underlying earnings per share 1,415  499
2012
000
2011
000
Weighted average number of ordinary shares 7,731  7,438
Adjustment to reflect shares under options 844  762
Weighted average number of ordinary shares — fully diluted 8,575 8,200 chamberlin plc
56
12 Reorganisation and goodwill impairment
2012
£000
2011
£000
Business reorganisation costs —  (121)
Goodwill impairment —  (202)
— (323)
Taxation
 — tax effect of reorganisation and goodwill impairment costs —  34
— 34
Business reorganisation costs relate to bringing the assets acquired from the administrator of Jebron Ltd back in to production and integrating this 
equipment into Exidor.
Goodwill impairment was a consequence of withdrawal from door handle production at Exidor (see note 14).
13 Property, plant and equipment
Group
Land and
buildings
£000
Plant and
machinery
£000
Motor
vehicles
£000
Total
£000
Cost
At 1 April 2010 5,234  24,971  578  30,783
Additions 49  801  176  1,026
Disposals —  (103)  (112)  (215)
At 31 March 2011 5,283  25,669  642  31,594
Additions 160  815  210  1,185
Disposals —  (440)  (127)  (567)
At 31 March 2012  5,443  26,044  725  32,212
Depreciation
At 1 April 2010 1,552  20,504  408  22,464
Charge for year 115  887  99  1,101
Disposals —  (40)  (101)  (141)
At 31 March 2011 1,667  21,351  406  23,424
Charge for year 121  978  120  1,219
Disposals —  (440)  (112)  (552)
At 31 March 2012  1,788  21,889  414  24,091
Net book value
At 31 March 2012 3,655  4,155  311  8,121
At 31 March 2011 3,616  4,318  236  8,170
At 31 March 2010 3,682  4,467  170  8,319
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
57
Introduction Performance Governance Financial Statements
13 Property, plant and equipment continued
Net book value of land and buildings comprises:
2012
£000
2011
£000
Freehold 3,641  3,597
Short leasehold (leasehold improvements) 14  19
3,655 3,616
Company
Land and
buildings
£000
Plant and
machinery
£000
Motor
vehicles
£000
Total
£000
Cost
At 1 April 2010 1,670  47  71  1,788
Additions —  7  56  63
Disposals — —  (17)  (17)
At 31 March 2011 1,670  54  110  1,834
Additions —  13  57  70
Disposals — —  (33)  (33)
At 31 March 2012 1,670  67  134  1,871
Depreciation
At 1 April 2010 706  20  30  756
Charge for year 27  6  17  50
Disposals — —  (10)  (10)
At 31 March 2011 733  26  37  796
Charge for year 27  7  40  74
Disposals — — (27) (27)
At 31 March 2012 760  33  50  843
Net book value
At 31 March 2012 910  34  84  1,028
At 31 March 2011 937  28  73  1,038
At 31 March 2010 964  27  41  1,032
Group
£000
Company
£000
Freehold land included above not subject to depreciation amounted to:
2012 743  743
2011 743  743 chamberlin plc
58
14 Intangible assets
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Goodwill — — — —
Software 543  379  5  3
Development costs  99  115  —  — 
642 494  5  3
Goodwill £000
Cost
At 1 April 2010 201
Additions — 
At 31 March 2011 201
Additions — 
At 31 March 2012 201
Impairment
At 1 April 2010 — 
Charge for year 201
At 31 March 2011  201
At 31 March 2012 201
Net book value
At 31 March 2012 — 
At 31 March 2011 — 
At 31 March 2010 201
Goodwill arose initially on the acquisition of the Webb Lloyd business which formed part of Exidor Limited, within the Engineering Segment.
In the prior year, the Directors have concluded that Webb Lloyd was no longer a core element of the Exidor product offering, and that in order to
facilitate the full integration of the Jebron assets, they planned to exit from this part of the business.
As a consequence the associated goodwill was fully impaired.
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
59
Introduction Performance Governance Financial Statements
14 Intangible assets continued
Software
Group
£000
Company
£000
Cost
At 1 April 2010 647  13
Additions 191  3
At 31 March 2011 838  16
Additions 243  4
Disposals (6)  — 
At 31 March 2012 1,075  20
Amortisation/impairment
At 1 April 2010 396  13
Charge for the year 63  — 
At 31 March 2011 459  13
Charge for year 79  2
Disposals (6)  — 
At 31 March 2012 532  15
Net book value
At 31 March 2012 543  5
At 31 March 2011 379  3
At 31 March 2010 251  —
Software has an estimated useful life of between 3 and 10 years.
Development costs capitalised
Group
£000
Company
£000
Cost
At 1 April 2010 413  — 
Additions  —  — 
At 31 March 2011 413  — 
Additions  32  — 
At 31 March 2012 445  — 
Amortisation/impairment
At 1 April 2010 215  — 
Charge for year 83  — 
At 31 March 2011 298  — 
Charge for year 48  — 
At 31 March 2012 346  — 
Net book value
At 31 March 2012 99  — 
At 31 March 2011 115  — 
At 31 March 2010 198  — 
Development costs capitalised relate to specific major projects which result in an asset being created which is then amortised over the primary income 
generating period of the associated product. For the above items this has been estimated at 5 years from the commencement of commercial sales. chamberlin plc
60
15 Inventories
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Raw materials 1,406  1,113  —  — 
Work in progress 1,367  1,296  —  — 
Finished goods 1,073  560  —  — 
3,846 2,969  —  —
16 Trade and other receivables
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Trade receivables 8,116  9,207  —  — 
Amounts due from subsidiary undertakings —  —  4,968  7,898
Other receivables 92  125 87 121
Prepayments 507  256 113 29
Fair value of derivative forward contracts 244  —  —  — 
8,959 9,588 5,168 8,048
Trade receivables are denominated in the following currencies:
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Sterling 7,075  7,845  —  — 
Euro  1,041  1,362  —  — 
8,116 9,207  —  —
Out of the carrying amount of trade receivables of £8,116,000 (2011: £9,207,000), £1,987,000 (2011: £2,145,000) is against five major customers.
Trade receivables are non-interest bearing and are generally on terms of 30 to 60 days and are shown net of a provision for impairment. As at 31 March 
2012 trade receivables at a nominal value of £374,000 (2011: £252,000) were impaired and fully provided for. Movements in the provision for impairment 
of receivables were as follows:
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
At 1 April 252  243  —  — 
Charge for year 231  181  —  — 
Amounts written off (109)  (172)  —  — 
At 31 March 374  252  —  — 
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
61
Introduction Performance Governance Financial Statements
16 Trade and other receivables continued
As at 31 March 2012, the analysis of trade receivables that were past due but not impaired is as follows:
Total
£000
Neither past 
due nor
impaired
£000
Past due but not impaired
<30 days
£000
30–60 days 
£000
60–90 days 
£000
90–120 days 
£000
>120 days 
£000
2012 8,116  5,631  2,088  234  69  94  — 
2011 9,207  6,842  1,922  326  94  23  — 
The credit quality of trade receivables that are neither past due nor impaired is assessed by reference to external credit ratings, where available, 
otherwise historical information relating to the counterparty default rates is used.
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Debtors where external credit ratings have been sought 7,156  5,911  —  — 
Debtors where internal credit assessments have been made 960  3,296  —  — 
8,116 9,207  —  —
Of the balance in respect of counterparties with internal ratings nil% (2011: nil%) is in respect of new customers, and 100% (2011: 100%) existing 
customers with no history of defaults.
Amounts due from subsidiary companies are interest free and repayable on demand.
Income taxes receivable
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
UK corporation tax —  —  47  14
17 Current liabilities
Financial liabilities
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Bank overdraft 1,558  2,881  3,055  4,224
The overdraft is held with HSBC Bank plc as part of the Group facility of £5,000,000, is secured on the assets of the business, is repayable on demand and 
is renewable in May 2013. Interest is payable at 2.00% (2011: 2.75%) over base rate. chamberlin plc
62
17 Current liabilities continued
Trade and other payables
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Trade creditors 6,140  6,185  —  — 
Amounts due to subsidiary undertakings —  —  606  1,942
Other taxation and social security 779  749 28 22
Other creditors 391  405  —  2
Accruals 1,316  1,355  586  511
Share-based payments 58  22  58  22
Fair value of derivative forward contracts —  236  —  — 
8,684 8,952 1,278 2,499
Trade payables are non-interest bearing and are normally on terms of 30 to 60 days.
Amounts due to subsidiary companies are interest free and repayable by agreement with the Parent Company.
Provisions
Reorganisation
£000
Dilapidations
£000
Total
£000
As at 31 March 2010 —  48  48
New provisions 85  —  85
Utilised —  (48)  (48)
As at 31 March 2011 85 —  85
Utilised (85)  —  (85)
As at 31 March 2012 —  —  —
Reorganisation
Provision in respect of integrating the assets acquired from the administrators of Jebron Ltd into Exidor, fully utilised during the year.
Dilapidations
Provision in respect of dilapidations on leasehold property was fully utilised during the previous year.
18 Non-current liabilities
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Intra-group balances —  —  —  66
The amount owed by the Company to non-trading subsidiary undertakings is non-interest bearing.
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
63
Introduction Performance Governance Financial Statements
18 Non-current liabilities continued
Group Company
Provisions for liabilities
2012
£000
2011
£000
2012
£000
2011
£000
Deferred taxation 133  85  24  34
2012 2011
Deferred tax liabilities
Amount
not
provided
£000
Amount
provided
£000
Amount
not
provided
£000
Amount 
provided
£000
Group liabilities
Temporary differences relating to cash flow hedges —  55  —  — 
Capital gains rolled over —  78  —  85
— 133  —  85
2012 2011
Company liabilities
Amount
not
provided
£000
Amount
provided
£000
Amount
not
provided
£000
Amount 
provided
£000
Temporary differences relating to capital allowances —  24  —  34
— 24  —34
Group Company
Deferred tax assets
2012
£000
2011
£000
2012
£000
2011
£000
Temporary differences relating to capital allowances (86)  35  —  — 
Temporary differences relating to pension scheme deficit 735  572  735  572
Temporary differences relating to cash flow hedges —  65  —  — 
Temporary differences relating to share options 150  —  150  — 
Other temporary differences 257  91  12  24
1,056 763 897 596
Other temporary differences include a deferred tax asset of £187,000 (2011: £nil), recognised in respect of carried forward trading losses. A deferred tax 
asset is recognised in respect of tax losses carried forward only to the extent that there is a reasonable expectation that the losses will be recoverable 
within the forseeable future. Group tax losses not carried forward for which a deferred tax asset has not been recognised total £nil (2011: £780,000). 
The deferred tax asset relating to the pension scheme deficit is deemed recoverable based upon the contributions into the pension scheme which are 
designed to return the scheme to a fully funded position by April 2020. chamberlin plc
64
18 Non-current liabilities continued
Deferred taxation
Group Company
Movement in net deferred taxation during the year
2012
£000
2011
£000
2012
£000
2011
£000
Net asset brought forward  (678)  (831)  (563)  (660)
Re pension provision movement (223)  46  (223)  46
Movement relating to cash flow hedges 120  —  —  — 
Movement on other temporary differences (56)  60  3  8
Movement relating to share options (150)  —  (150)  — 
Movement on change in corporation tax rate 64  47  60  43
(923) (678) (873) (563)
Of the total deferred tax credit of £245,000 (2011: £218,000), a charge of £38,000 (2011: £235,000) was recognised within the income statement, a credit 
of £133,000 (2011: credit of £16,000) was recognised within other comprehensive income and a credit of £150,000 (2011: £nil) recognised within the 
statement of changes in equity.
19 Share capital
2012
£000
2011
£000
Allotted called up and fully paid
7,949,536 (2011: 7,437,658) Ordinary shares of 25p 1,987  1,859
During the year 141,508 shares (2011: nil) were issued to Directors to satisfy share options at nil cost. 
During the year 357,334 share options lapsed (2011: 277,459), nil were granted (2011: 190,000) and nil (2011: nil) were surrendered.
On 11 July 2011 a share placement of 370,370 ordinary shares with Diverse Income Trust plc occurred for a total consideration of £500,000.
As a result share capital increased by £92,593 and share premium by £407,402.
20 Share-based payments
The Company has three share option schemes used to incentivise the Directors of the Group and certain subsidiary company Directors.
Details of the two equity-settled schemes used to incentivise the Directors of the Group are set out in the Remuneration Committee Report on page 26.
In addition, cash-settled options are issued to certain key managers within the business under a phantom share option scheme. The options become 
exercisable in February 2013 subject to the satisfaction of performance conditions set by the Remuneration Committee of the Company.
Cash payments are made in three equal instalments in April of 2013, 2014 and 2015.
Under all schemes, options lapse if the employee leaves the Group subject to certain exceptions set out in the scheme rules.
Due to the small number of individual grants made, each individual option is priced using the Black–Scholes pricing model, rather than applying the 
model to weighted average figures for options granted in each year.
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
65
Introduction Performance Governance Financial Statements
20 Share-based payments continued
Relevant options outstanding during the year were as follows:
Weighted average
No. of 
options
Exercise 
price (p)
Remaining 
contractual 
life (years)
At 31 March 2010 1,933,054 41.0 8.6
Granted 190,000 52.8 2.0
Lapsed (277,459) 28 6.8
At 31 March 2011 1,845,595 43.7 7.2
Lapsed (357,334) 36.3 5.0
Exercised (141,508) — —
At 31 March 2012 1,346,753 50.3 7.0
Nil (2011: nil) shares were excercisable at the end of the year.
The market price at date of share exercise during the year was 132p.
Based on the following assumptions at 31 March 2012, the total fair value of options was £232,000 (2011: £385,000), of which £113,000 was charged to 
the income statement (2011: charge of £73,000). The fair value of options granted in the year was £nil (2011: £84,000).
The exercise price of options range from nil p to 52.8p (2011: nil p to 52.8p).
The key assumptions in relation to the valuation of the options granted were:
2011
Share price 104.5p
Expected volatility 30.0%
Expected life 4.0 years
Risk free rate 3.0%
Expected dividend yield 2.3%
Expected volatility, to which the fair value is most sensitive, is based on movements in the share price during the year and taking account of the 
Directors’ expectations of future movements. The expected life has been arrived at based on the Directors’ best estimate taking into account exercise 
conditions and behavioural considerations.
The mid-market price of the shares at 31 March was 144p (2011: 104.5p) and during the year ranged between 93.5p and 160p (2011: between 54.5p 
and 130p).
The total charge for the year of £148,000 (2011: £73,000) is split £35,000 (2011: £22,000) for cash-settled options and £113,000 (2011: £51,000)
for equity-settled options. A liability of £58,000 (2011: £22,000) is included for the cash-settled options at the year end. chamberlin plc
66
21 Fixed asset investments
£000
Shares in subsidiary undertakings
Cost at 1 April 2011 and 1 April 2012 8,159 
Wholly owned operating 
subsidiaries Principal activity
Chamberlin & Hill Castings Ltd Manufacture and sale of engineering castings
Russell Ductile Castings Ltd Manufacture and sale of engineering castings
Exidor Ltd Manufacture and sale of architectural hardware
Petrel Ltd Manufacture and sale of lighting, switchgear and electrical installation products
The Company owns 100% of the issued ordinary share capital of the above companies, all of whom operate principally in England and Wales.
22 Pension arrangements
During the year, the Group operated funded defined benefit and defined contribution pension schemes for the majority of its employees, these being 
established under trusts with the assets held separately from those of the Group. The pension operating cost for all of the Group schemes for 2012 was 
£286,000 (2011: £284,000) plus £79,000 of financing cost (2011: £75,000) .
The pension cost for the defined benefit scheme, providing benefits based on final salary has been projected forward, updated each 6 months by an 
independent qualified actuary, from the results of an actuarial valuation carried out as at 1 April 2010 using the projected unit method. The market
value of the schemes total assets on that date was £12,400,000 and the value of these assets represented 82% of the benefits that had accrued to 
members allowing for expected future increases in salaries (which from 1 April 2002 have been limited to inflation).
The other schemes within the Group are defined contribution schemes and the pension cost represents contributions payable. The total cost of 
defined contributions schemes was £286,000 (2011: £284,000). The notes below relate to the defined benefit scheme.
The actuarial liabilities have been calculated using the Projected Unit method. The major assumptions used by the actuary were (in nominal terms):
At 31 March
2012
At 31 March
2011
At 31 March
2010
Rate of increase in salaries n/a n/a n/a
Rate of increase of pensions in payment — post 1997 accrual only 3.1% 3.4% 3.4%
Discount rate 4.7% 5.5% 5.6%
Inflation assumption — RPI 3.1% 3.4% 3.4%
Inflation assumption — CPI 2.0% 2.9% 3.4%
Demographic assumptions are all based on the S1NA mc mortality tables with a 1% annual increase. The post retirement mortality assumptions allow 
for expected increases in longevity. The current disclosures relate to assumptions based on longevity in years following retirement as of the balance 
sheet date, with future pensioners relating to an employee retiring in 2032.
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
67
Introduction Performance Governance Financial Statements
22 Pension arrangements continued
2012
Years
2011
Years
Current pensioners at 65 — male 20.4 20.3
— female 23.2 23.1
Future pensioners at 65 — male 21.8 21.7
— female 24.5 24.5
The scheme was closed to future accrual with effect from 30 November 2007, after which the Company’s regular contribution rate reduced to zero 
(previously the rate had been 9.1% of members’ pensionable salaries). In addition the past service “catch up” contribution has been renegotiated with 
the Trustees and with effect from 1 April 2012 will increase to £26,217 per month (previously £25,667 per month), with a 3% annual increase thereafter, 
designed to return the scheme to a fully funded position by April 2020.
The contributions expected to be paid during the year to 31 March 2013 are £315,000.
The scheme assets are stated at the market values at the respective balance sheet dates and overall expected rates of return are established by applying 
published brokers forecasts for each category of scheme asset. The rates quoted below are the expected net rates of return after allowance for expenses.
The assets and liabilities of the scheme and the expected rates of return were:
As at 31 March 2012 As at 31 March 2011
Rate of 
return
%
Value
£000
Rate of 
return
%
Value
£000
Equities/diversified growth fund 6.60 6,039 7.85 6,782
Gilts 3.10 4,209 4.35 2,022
Bonds 4.70 962 5.50 2,514
Property 6.10 1,104 7.35 1,024
Insured pensioner assets 4.70 53 5.50 47
Cash 0.50 106 0.50 43
Market value of assets  12,473  12,432
Actuarial value of liability (15,534)  (14,634)
Recoverable deficit in scheme (3,061)  (2,202)
Related deferred tax asset 735  572
Net pension liability (2,326)  (1,630) chamberlin plc
68
22 Pension arrangements continued
Recognised as finance cost
Year to
31 March
2012
£000
Year to
31 March
2011
£000
Expected return on pension scheme assets 702  722
Interest on pension liabilities (781)  (797)
Net return disclosed in finance cost (79)  (75)
Analysis of amount recognised in consolidated Statement of other Comprehensive Income
Year to
31 March
2012
£000
Year to
31 March
2011
£000
Actual return less expected return on assets (222)  (185)
Other actuarial gain/(loss) on liabilities (984)  126
Actuarial loss recognised in the Statement of other Comprehensive Income (1,206)  (59)
Cumulative actuarial losses recognised in the Statement of other Comprehensive Income (1,974)  (768)
The cumulative amount of actuarial gains and losses recognised since 1 January 2004 in the Group statement of other comprehensive income is a loss 
of £1,974,000 (2011: loss of £768,000). The Directors are unable to determine how much of the pension scheme deficit recognised on transition to 
IFRSs, and taken directly to equity of £2,136,000 in the Group, is attributable to actuarial gains and losses since inception of those pension schemes. 
Consequently, the Directors are unable to determine the amount of actuarial gains and losses that would have been recognised in the Group statement 
of other comprehensive income before 1 January 2004.
Year to
31 March
2012
£000
Year to
31 March
2011
£000
Actual gain on plan assets 480 537
Movement in deficit during the year
Year to
31 March
2012
£000
Year to
31 March
2011
£000
Deficit in scheme at beginning of year (2,202) (2,366)
Movement in year:
Employer contributions 426 298
Net expected return on assets (79) (75)
Actuarial loss (1,206) (59)
Deficit in scheme at end of year (3,061) (2,202)
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
69
Introduction Performance Governance Financial Statements
22 Pension arrangements continued
Movement in scheme assets
Year to
31 March
2012
£000
Year to
31 March
2011
£000
Fair value at beginning of year 12,432  12,375
Expected return on scheme assets 702  722
Actuarial (losses)/gains (222)  (185)
Employer contributions 426  298
Benefits paid (865)  (778)
Fair value at end of year 12,473  12,432
Movement in scheme liabilities
Year to
31 March
2012
£000
Year to
31 March
2011
£000
Benefit obligation at start of year 14,634  14,741
Interest cost 781  797
Actuarial (gain)/loss  984  (126)
Benefits paid (865)  (778)
Benefit obligation at end of year 15,534  14,634
Experience gains and losses
Year to
31 March
2012
£000
Year to
31 March
2011
£000
Year to 
31 March
2010
£000
Year to 
31 March
2009
£000
Year to 
31 March
2008
£000
Difference between expected and 
actual return on scheme assets
£000
% of assets
(222)
(1.8)%
(185)
(1.5)%
2,423
19.6%
(3,118)
(31.8)%
(1,856)
(14.6)%
Experience gains on scheme 
liabilities
£000
% of liabilities
 — 
—
100
1.0%
 — 
—
 — 
—
600
4.3%
Other (gains)/losses on scheme 
liabilities
£000
% of liabilities
984
6.3%
(126)
(0.9)%
2,995
20.3%
2,136
18.3%
1,985
14.4%
Net (losses)/gains £000
% of liabilities
(1,206)
(7.8)%
(59)
(0.4)%
(572)
(3.9)%
(982)
(8.4)%
729
5.3%
23 Contingent liabilities
Cross guarantees exist between the Company and its subsidiary undertakings in respect of the Group’s bank overdrafts. The borrowings of the 
subsidiaries at 31 March 2012 amounted to £nil (2011: £nil).
In the prior year, the German tax authorities raised a query relating to the application of VAT in respect of sales to a German customer dating back to 
2002. In the current year this query was resolved at nil cost. chamberlin plc
70
24 Financial commitments
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Capital expenditure
Contracted for but not provided in the accounts 47  40  19  40
Lease commitments
The Group had total outstanding commitments under operating leases as follows:
Group
2012
£000
2011
£000
Future minimum payments due:
Not later than one year 356  331
After one year but not more than five years 1,110  1,324
After five years 270  511
1,736 2,166
Leases on land and buildings comprises the lease for the Leicester foundry (£270,000 per annum with an end date, subject to earlier termination, of 
31 March 2018).
The lease on the Leicester foundry is terminable by the Company only on 12 months notice.
25 Derivatives and financial instruments
The Group considers the use of derivatives to reduce financial risk in a number of areas noted below.
The only area where the use of derivatives is considered appropriate at present is that of currency risk.
The carrying amount of financial assets and financial liabilities are not materially different to their fair value.
The Company is only exposed to interest rate risk.
Currency risk
The Group’s functional currency is Sterling but approximately 20% of revenues are denominated in foreign currencies, principally Euros in relation to 
castings exports. In order to reduce the Group’s exposure to currency fluctuations the Group sells approximately 80% of its expected Euro revenues on 
forward currency contracts of 12 months or less.
At the year end it had net monetary assets denominated in Euros of £1,062,000 (2011: £1,471,599). Because 80% of the Euro debtors are hedged, the 
impact on net monetary assets of a 5% change in the Euro/sterling exchange rate would not be material to the consolidated income statement.
At 31 March 2012, the Group held forward currency hedging contracts designated as hedges of expected future Euro exports for highly probable 
forecast sales transactions. The forward currency contracts are being used to hedge the foreign currency risk of highly probable forecast sales over the 
next year.
The terms of the forward currency hedging contracts have been negotiated to match the terms of the commitments and the cash flow hedges of 
expected future sales were assessed to be highly effective.
Forward currency contracts for the sale of Euros outstanding at the year end have been recorded at fair value with the difference being recognised 
directly in other comprehensive income through the statement of comprehensive income. If these contracts were not in place and the Euro/sterling 
exchange rate moved by plus or minus 5% the corresponding gain/loss to equity would be £368,000 (2011: £260,000).
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
71
Introduction Performance Governance Financial Statements
25 Derivatives and financial instruments continued
Contracted
amount
(Euros 000)
Weighted
 average
contract
rate
Contracted 
amount
£000
Contracted
amount at 
year end rate
£000
Unrealised
gain/(loss)
£000
At 31 March 2012 8,950 1.157 7,735  7,460  275
At 31 March 2011 7,900 1.178 6,707  6,991  (284)
Interest rate risk
The Group operates an overdraft facility with HSBC Bank plc and has no other borrowings. Exposure to interest rate risk is considered to be low and no 
derivatives are used to modify the Group’s interest rate risk profile.
The impact of a 50 basis point increase in UK interest rates would be a £8,000 reduction in profit before tax (2011: £17,000). An equivalent decrease in 
rates would increase profit before tax by £8,000 (2011: £17,000).
An analysis of interest bearing financial assets and liabilities is given below.
Group Company
Cash and cash equivalents/(bank overdraft)
2012
£000
2011
£000
2012
£000
2011
£000
Bank overdraft (sterling denominated) (1,579)  (2,795)  (3,055)  (4,224)
Bank overdraft (Euro denominated) 21  (86)  —  — 
(1,558) (2,881)  (3,055)  (4,224)
Balances outstanding on the Group’s overdraft facility are subject to floating rate interest and are repayable on demand.
Credit risk
The Group trades only with recognised, creditworthy third parties. It is the Group’s policy that all customers who wish to trade on credit terms are 
subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Group’s exposure 
to bad debts is not significant. The maximum exposure is the carrying amount as disclosed in note 16. For transactions that do not occur in the UK, the 
Group does not offer credit terms without the approval of the operating business Finance Director. There are no significant concentrations of credit risk 
within the Group.
With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents, the Group’s exposure to 
credit risk arises from default of the counterparty, with the maximum exposure equal to the carrying amount of the instrument.
There are no material differences between the fair values and carrying values of the financial assets and liabilities.
The bad debt charge for the year was £231,000 (2011: £215,000 ).
Liquidity risk
The Group aims to mitigate liquidity risk by managing the cash generation of its operating units, and applying cash generation targets across the Group. 
Investment is carefully controlled, with authorisation limits operating up to Group Board level and cash payback periods applied as part of the 
investment appraisal process. In this way the Group aims to maintain a good credit rating and operate within its existing facilities.
The Group’s funding strategy is to maintain flexibility in managing its day to day working capital needs through the use of an overdraft facility which is 
not subject to financial covenants, and to fund acquisitions and significant capital projects through the use of longer term funding including bank loans 
and equity. The Group’s £5.0m overdraft facility is renewable annually and was renewed post year end with the next date for renewal of May 2013. chamberlin plc
72
25 Derivatives and financial instruments continued
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2:   other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly: and
Level 3: techniques which use inputs have a significant effect on the recorded fair value that are not based on observable market data.
All derivative assets and liabilities are valued by level 2 techniques.
The table below summarises the maturity profile of the Group’s financial liabilities at 31 March 2012 and 31 March 2011.
Non-derivative financial liabilities On demand
Less than
3 months
3 to 12
months Total
At 31 March 2012
Bank overdraft 1,558 — — 1,558
Trade and other payables —  6,140  — 6,140
1,558 6,140  —  7,698
At 31 March 2011
Bank overdraft 2,881 — — 2,881
Trade and other payables —  6,185  — 6,185
2,881 6,185 —  9,066
The gross undiscounted future cash flows are analysed as follows:
Derivative financial liabilities On demand
Less than
3 months
3 to 12
months Total
At 31 March 2012
Foreign Exchange forward contracts — 1,912 5,548 7,460
— 1,912  5,548  7,460
At 31 March 2011
Foreign Exchange forward contracts —  1,340 5,651 6,991
— 1,340  5,651  6,991
Capital management
The Group defines capital as the total equity of the Group, which at the year end is £9,043,000 (2011: £7,779,000). The Group objective for managing 
capital is to deliver competitive, secure and sustainable returns to maximise long-term shareholder value. Chamberlin is not subject to any externally-
imposed capital requirements and there are no financial covenant restrictions on the Group’s overdraft facility.
The Group monitors capital on the basis of the gearing ratio, that is, the ratio of net debt to equity. Net debt is calculated as gross finance debt, as 
shown in the balance sheet, less cash and cash equivalents. All components of equity are included in the denominator of the calculation. The Directors 
believe that a net debt ratio in the range 30–50% provides an efficient capital structure and an appropriate level of financial flexibility. At 31 March 2012 
the net debt ratio was 17% (2011: 37%).
In the prior year the Group announced a return to dividend payments. It is the Group’s policy to pay progressive dividends that are appropriately 
covered by earnings.
Notes to the Accounts continued
at 31 March 2012 chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
73
Introduction Performance Governance Financial Statements
26 Related Party Transactions
Group
All transactions between the Parent Company and subsidiary companies and between subsidiaries companies have been eliminated on preparation of 
the consolidated accounts. The Group has not entered into any other related party transactions.
Company
The Company provides certain management services to subsidiary companies.
Certain payments in relation to items settled or provided on a central basis, principally corporation tax and insurance payments, are made by the 
Company and are then recharged to subsidiaries at cost.
Compensation of key management personnel (including Directors)
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Short-term employee benefits (including employer’s NI) 1,501 1,490  797  821
Share-based payments 148  73  113  73
Pension contributions 70  69  32  32
1,719 1,632 942 926
Key management, other than Directors of the Company, comprise the Managing Directors and Finance Directors of the main operating subsidiaries. chamberlin plc
74
Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the Company specifies that only those members registered on the Company’s 
register of members at:
 11.00 a.m. on 10 July 2012; or,
 If this Meeting is adjourned, at 10.00 a.m. on the day two days prior to the adjourned meeting, 
shall be entitled to attend and vote at the AGM.
Notice is hereby given that the Annual General Meeting of the Company will be held on Thursday 12 July 2012 at the Registered Office, Chuckery Road, 
Walsall at 2.00 p.m. for the following purposes:
To consider and, if thought fit, to pass the following resolutions as ordinary resolutions:
1. To receive and adopt the Report of the Directors, Annual Accounts and Report of the Auditors for the year ended 31 March 2012
(Resolution 1).
2. To declare a Final Dividend for the year ended 31 March 2012 of 2 pence per ordinary share of 25 pence each in the capital of the Company 
(“Ordinary Shares”) to be paid on 13 July 2012 to members whose names were on the register of members at the close of business on 29 June 2012
(Resolution 2).
3. To re-elect as a Director Keith Butler-Wheelhouse who has been appointed by the Board since the last Annual General Meeting as a Director of the 
Company
 (Resolution 3).
4. To re-elect as a Director Tim Hair 
(Resolution 4).
5. To re-elect as a Director Mark Bache
(Resolution 5).
6. To re-elect as a Director Keith Jackson
(Resolution 6).
7. To re-elect as a Director Alan Howarth
(Resolution 7).
8. To approve the Directors’ Remuneration Report for the year ended 31 March 2012
(Resolution 8).
9. To reappoint Ernst & Young LLP as Auditors of the Company and to authorise the Directors to fix the remuneration of the Auditors
(Resolution 9).
10. That the Directors be and are hereby generally and unconditionally authorised in accordance with Section 551 of the Companies Act 2006 (in 
substitution for all existing authorities under section 551 of the Companies Act 2006 which, to the extent unused at the date of this resolution, are 
revoked with immediate effect) to exercise all the powers of the Company to allot shares in the Company or to grant rights to subscribe for or to convert 
any security into shares in the Company up to an aggregate nominal amount of £662,461 provided that (unless previously revoked, varied or renewed) 
such authority shall expire at the earlier of the conclusion of the next Annual General Meeting of the Company or 14 October 2013, but so that this 
authority shall allow the Company to make, before the expiry of this authority, offers or agreements which would or might require shares to be allotted 
or rights to subscribe for or to convert any security into shares to be granted after such expiry and notwithstanding such expiry the Directors may allot 
shares or grant such rights in pursuance to such offers or agreements as if this authority had not expired
 (Resolution 10).
To consider and, if thought fit, to pass the following resolutions as special resolutions:
11. That, subject to the passing of resolution 10 and pursuant to section 570 of the Companies Act 2006 the Directors be and are hereby generally 
empowered (in substitution for all existing powers under section 570 of the Companies Act 2006 which, to the extent unused at the date of this 
resolution, are revoked with immediate effect) to allot equity securities (as defined in Section 560 of the Companies Act 2006) for cash pursuant to the 
authority granted by resolution 10 as if Section 561(1) of the Companies Act 2006 did not apply to such allotment, provided that this power shall be 
limited to the allotment of equity securities
Notice of Annual General Meeting chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
75
Introduction Performance Governance Financial Statements
(a) in connection with an offer of equity securities (whether by way of a rights issue, open offer or otherwise):
(i) to holders of ordinary shares in the capital of the Company in proportion (as nearly as practicable) to the respective numbers of ordinary shares 
held by them; and
(ii) to holders of other equity securities in the capital of the Company, as required by the rights of those securities or, subject to such rights, as the 
Directors otherwise consider necessary,
but subject to such exclusions or other arrangements as the Directors may deem necessary or expedient in relation to treasury shares, fractional 
entitlements, record dates or any legal or practical problems under the laws of any territory or the requirements of any regulatory body or stock 
exchange; and
(b) otherwise than pursuant to paragraph 11(a) of this resolution, up to an aggregate nominal amount of £99,369,
and (unless previously revoked, varied or renewed) this power shall expire at the earlier of the conclusion of the next Annual General Meeting, of the 
Company or 14 October 2013, but so that this authority shall allow the Company to make, before the expiry of this authority, offers or agreements 
which would or might require shares to be allotted or rights to subscribe for or to convert any security into shares to be granted after such expiry and 
notwithstanding such expiry the Directors may allot shares or grant such rights in pursuance of such offers or agreements as if this authority had not 
expired
 (Resolution 11).
12. That the Company be and hereby is generally and unconditionally authorised pursuant to section 701 of the Companies Act 2006 to make market 
purchases (within the meaning of section 693(4) of the Companies Act 2006) of Ordinary Shares on such terms and in such manner as the Directors may 
from time to time determine provided that:
(a) the maximum number of Ordinary Shares which may be purchased is 794,953;
(b) the minimum price (exclusive of expenses) which may be paid for each Ordinary Share is 25 pence;
(c) the maximum price which may be paid for each Ordinary Share is an amount equivalent to 105% of the average of the middle market quotations for 
an Ordinary Share as derived from the Daily Official List of the London Stock Exchange Plc for the five business days immediately preceding the day 
on which the Ordinary Share in question is purchased,
and (unless previously revoked, varied or renewed) this authority shall expire at the earlier of the conclusion of the next Annual General Meeting of the 
Company or 14 October 2013, save that the Company may enter into a contract to purchase Shares before this authority expires under which such 
purchase will or may be completed or executed wholly or partly after this authority expires and may make a purchase of Shares pursuant to any such 
contract as if this authority had not expired 
(Resolution 12).
By order of the Board
Mark Bache Chuckery Road
Company Secretary Walsall
21 May 2012 WS1 2DU chamberlin plc
76
General Information
A member is entitled to appoint another person (whether a member or not) as his or her proxy to exercise all or any of his or her rights to attend and to speak 
and vote at the Meeting for which purpose a form of proxy is enclosed. Proxies must be lodged at the office of the Company’s Registrars, Neville Registrars Ltd, 
18 Laurel Lane, Halesowen, West Midlands B63 3DA, not later than 2.00 p.m. on 10 July 2012 (or if the Meeting is adjourned, not later than 48 hours (excluding 
any part of a day that is not a working day) before the time of the adjourned meeting). Completion and return of the form of proxy in accordance with its 
instructions will not prevent a member from attending and voting at the Meeting instead of their proxy if they wish. A member may appoint more than one 
proxy in relation to the Meeting provided that each proxy is appointed to exercise the rights attached to a different share or shares held by the member. A 
member wishing to appoint more than one proxy should photocopy the proxy card and indicate on each copy the name of the proxy he appoints and the 
number of shares in respect of which that proxy is appointed. A failure to specify the number of shares each proxy appointment relates to or specifying a 
number in excess of those held by the member may result in the proxy appointment being invalid.
In order to facilitate voting by corporate representatives at the meeting, arrangements will be put in place at the meeting so that:
(a) if a corporate shareholder has appointed the Chairman of the Meeting as its corporate representative with instructions to vote on a poll in accordance 
with the directions of all of the other corporate representatives for that shareholder at the meeting, then on a poll those corporate representatives will 
give voting directions to the Chairman and the Chairman will vote (or withhold a vote) as corporate representative in accordance with those directions; 
and 
(b) if more than one corporate representative for the same corporate shareholder attends the meeting but the corporate shareholder has not appointed the 
Chairman of the Meeting as its corporate representative, a designated corporate representative will be nominated, from those corporate representatives 
who attend, who will vote on a poll and the other corporate representatives will give voting directions to that designated corporate representative.
Corporate shareholders are referred to the guidance issued by the Institute of Chartered Secretaries and Administrators on proxies and corporate 
representatives at www.icsa.org.uk for further details of this procedure. The guidance includes a sample form of representation letter if the Chairman is being 
appointed as described in (a) above.
There will be available for inspection at the Registered Office of the Company during normal business hours (Weekends and Public Holidays excepted) from 
the date of this notice until the conclusion of the Annual General Meeting copies of contracts of service of Directors (including letters of appointment of 
non-executive Directors) with the Company or with any of its subsidiary undertakings.
Biographical details of all Directors who are offering themselves for re-election at the meeting are set out on page 16 of the annual report and accounts.
An explanation of Resolutions 10, 11 and 12 is set out in the Report of the Directors on page 20. 
Members should notify the Registrars without delay of any change of address.
Notice of Annual General Meeting continued chamberlin plc
Annual Report and Accounts for the year ended 31 March 2012
Stock code: CMH
77
Introduction Performance Governance Financial Statements
Shareholder Notes chamberlin plc
78
Shareholder Information
Advisers
Company Secretary
Mark Bache
Registered Office
Chuckery Road,
Walsall WS1 2DU
Registered in England No. 76928
Auditors
Ernst & Young LLP ,
Birmingham
Solicitors
DLA Piper,
Birmingham
Stockbrokers
Charles Stanley Securities,
London
Financial PR
Biddicks,
London
Bankers
HSBC Bank plc,
Birmingham
Registrars
Neville Registrars Limited,
Neville House,
18 Laurel Lane,
Halesowen,
West Midlands B63 3DA   Small complex grey iron castings, principally for the 
automotive sector and hydraulic applications.
Emergency exit equipment and traditional architectural 
hardware directed mainly at the DIY and construction 
markets.
Products associated with cable management. Lighting 
and switchgear associated with petrochemicals and 
construction applications.
Large grey, ductile and alloyed iron castings for a range of 
applications including power generation, bearing housings, 
steelworks, construction and compressors.
Chamberlin & Hill Castings Ltd
Chuckery Road
Walsall, WS1 2DU
Tel: 01922 721411
Fax: 01922 614610
Bonchurch Street
Leicester, LE3 5EP
Tel: 0116 2992000
Fax: 0116 2998844
www.chcastings.co.uk
Exidor Ltd
Progress Drive
Cannock, WS11 0JE
Tel: 01543 460030
Fax: 01543 573534
www.fredduncombe.co.uk
Petrel Ltd
22 Fortnum Close
Kitts Green
Birmingham, B33 0LB
Tel: 0121 783 7161
Fax: 0121 783 5717
www.petrel-ex.co.uk
Russell Ductile Castings Ltd
Trent Foundry
Dawes Lane
Scunthorpe, DN15 6UW
Tel: 01724 862152
Fax: 01724 280461
www.russellcastings.co.uk Chuckery Road, Walsall, West Midlands, WS1 2DU
Tel: 01922 707100 Fax: 01922 638370
email: plc@chamberlin.co.uk
www.chamberlin.co.uk
For more information on Chamberlin Group
operations please visit our website at
Use your phone’s bar code app and go directly 
to the relevant page on our website.