Carclo plc Year End Trading Update (0758C)
11 April 2017 - 4:00PM
UK Regulatory
TIDMCAR
RNS Number : 0758C
Carclo plc
11 April 2017
Carclo plc
("Carclo" or the "Group")
Year End Trading Update
The Board is pleased to confirm that, following the anticipated
strong second half performance, the Group has delivered good growth
for the year ended 31 March 2017, with trading in line with the
Board's expectations.
Technical Plastics has delivered another year of growth and
operating margin improvement, with margins expected to be at or
close to the Group's stated 10% target. The integration of the
recently acquired Precision Tool and Die business has progressed
well, and the first tranche of synergistic projects is now
underway. The Division's strategy of expanding its sites,
increasing its penetration into the Global Top 20 medical device
companies and driving margin enhancement is proceeding well.
The LED division's Wipac business has continued to win new
lighting programmes and we are pleased to announce that we have
been awarded a second mid-volume project, on a vehicle for the
hybrid market. Reflecting its less complex design than the first
mid-volume project, this programme is of lower value but does not
require any material working capital investment by the Group. This
win endorses our strategy to move into the mid-volume sector, in
which the Board is confident of continued success.
The acquisition of FLTC (Europe) a.s. ("FLTC") was announced and
completed on 30 March 2017 and the positive customer response to
this extension of our capabilities has been very encouraging.
Group net debt at the year-end was broadly in line with our
previous expectations, as adjusted for the net cash effect of the
FLTC acquisition.
Carclo expects to report its preliminary results for the year
ended 31 March 2017 on 6 June 2017.
The information contained within this announcement is deemed by
Carclo plc to constitute inside information as stipulated under the
Market Abuse Regulation. Upon the publication of this announcement
via a regulatory information service, this inside information is
now considered to be in the public domain.
Ends
For further information please contact:
Carclo plc 0192 426 8040
Chris Malley, Chief Executive
Robert Brooksbank, Finance Director
Peel Hunt LLP (Corporate broker) 020 7418 8900
Justin Jones
Matthew Brooke-Hitching
Weber Shandwick Financial (Financial
PR) 020 7067 0700
Nick Oborne
About Carclo
Carclo plc is a public company whose shares are quoted on the
Main Market of the London Stock Exchange.
Carclo's strategy is to develop and expand its key manufacturing
assets in markets where there are significant further opportunities
to drive shareholder value. To enhance profit margins and support
its customers, the group has been investing across its global
footprint.
Approximately three fifths of group revenues are generated from
the supply of fine tolerance, injection moulded plastic components,
mainly for medical products. The balance of group revenue is
derived mainly from the design and supply of specialised injection
moulded LED based lighting systems to the premium automotive
industry.
This information is provided by RNS
The company news service from the London Stock Exchange
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