Carclo shares up as eyes annual performance ahead of expectations

Fri, 26th Apr 2024 15:02

(Alliance News) - Carclo PLC on Friday said its full-year performance exceeded its expectations as it saw an improvement in trading in the second half of its financial year.

Shares in Carclo were up 69% at 12.50 pence per share each in London on Friday.

The Ossett, England-based provider of technical components for use in manufacturing said in the year ended March 31, cash generation was stronger than its previous expectations, achieving a closing cash position of GBP6.0 million, down 73% from GBP10.4 million the year before.

Also, it reported that net debt was GBP30.4 million compared to GBP34.3 million a year prior.

Looking ahead, Carclo said it is "optimally positioned" to continue on its journey to deliver operational improvement and sustainable growth.

"In order to drive our competitive advantage and enhance shareholder value, we remain focused on innovation in our products, processes, and services," the company said.

By Sabrina Penty, Alliance News reporter

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