Carclo Regulatory News (CAR)

1 Sep 2005 15:15

Carclo plc01 September 2005 For immediate release 1 September 2005 Carclo plc ("Carclo" or "the Group") AGM Statement At Carclo's Annual General Meeting held at 3pm today, George Kennedy, chairman,made the following statement: "Current trading and overall progress are in line with our expectations. "Carclo Precision Products, the division which comprises CTP Automotive and theremaining Specialist Wire businesses, continues to focus on specialist and nicheproducts. Improved margins in this division have more than offset the impact ofthe loss of the MG Rover business. "As expected, Carclo Technical Plastics has seen the continuing transfer ofproduction overseas, which has driven growth in our Czech business at theexpense of UK volumes. We expect to complete the closure of one small generalmoulding UK plant in October and the removal of the losses associated with thisplant will improve the performance of Carclo Technical Plastics in the secondhalf."Automotive demand in the USA remains weak but we have made encouraging progressin winning new specialist medical moulding contracts. Our Chinese technicalplastics operation has continued to grow its business profitably. "We remain focused on progressing Conductive Inkjet Technology towardscommercialisation. Our recent acquisition of an additional 20% of the equity,funded by a vendor placing, provides us with effective control over thebusiness. In collaboration with our US partner, Preco Industries Inc, CIT willbe launching the new Metaljet 6000 production line at the Productronnicaexhibition in November 2005. This will represent a major step forward in thecommercialisation of this new technology. "I am pleased to announce that following a review of internal and externaloptions the board has decided to appoint Christopher Ross to succeed me aschairman. Christopher joined Carclo on 4 September 2003 and has made a valuablecontribution to the strategy and development of the group over the last twoyears. I will be stepping down as chairman and retiring from the board witheffect from 31 December 2005 and Christopher will be appointed chairman witheffect from 1 January 2006. "Noel Hutton, who was appointed a non executive director on 1 July 2004 isresigning from the board with effect from this annual general meeting." - Ends - Enquiries: Carclo plc 01924 268040Ian Williamson, Chief ExecutiveRobert Brooksbank, Finance Director Weber Shandwick Square Mile 020 7067 0700Richard HewsSusanne Walker Notes to editors • Carclo plc is a global supplier of technical plastic products. It is a public company whose shares are quoted on the London Stock Exchange. • 65% of sales, on a pro forma basis, are derived from the supply of fine tolerance, injection moulded plastic components, which are used in medical, telecom and electronics products. This business, Carclo Technical Plastics, operates internationally in a fast growing and dynamic market underpinned by rapid technological development. • 35% of sales, on a pro forma basis, are derived from the supply of products to the automotive and aerospace industries. • Carclo's strategy is to grow rapidly in low cost manufacturing regions and to develop new technologies and products to underpin future growth. This information is provided by RNS The company news service from the London Stock Exchange