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32.80 0.10 (0.31%)

Bid:

32.60

Ask:

33.00

Spread: 0.40 (1.227%)

Market Cap: £24.08m

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Carclo sees significant first-half write-down

Fri, 10th Oct 2014 08:24

Technical plastics group Carclo forecast a significant half-year write-down in its circuit board business, hitting its shares. Carclo said CIT, which makes printed flexible circuit boards used in the consumer electronics, automotive, health, defence and aerospace and energy industries, had faced lower demand and continued losses."The board believes it would be prudent to carry out an impairment review of the intangible and tangible assets of the business and this is expected to result in a significant write-down at the half-year end," it said.Carclo stressed that it still believed group underlying profit before tax would match its full-year expectations, although it said it expected to make more of its operating profits in the second half than in the first.It said profits in its technical plastics division should be well ahead of last year and profits in its LED technologies business would also comfortably top those of a year ago.Shares fell 9p or 8% to 104p at 09:05 in London.