Last checked at 2 Oct 2009 07:00
For immediate release: 2 October 2009
Carclo Plc
("The Group")
Half year trading update
The Group continues to trade in line with the Board's expectations for the full year, with operating profits expected to be at a similar level to the prior year.
As indicated in our last Interim Management Statement, announced on 13th August, the early part of the financial year has been affected by the economic downturn and we expect a much stronger second half trading performance. We anticipate that approximately two thirds of group operating profits will be generated in the second half of the year.
In Technical Plastics, second half growth will be driven by the ramp up of a number of our new medical programmes. In addition, we have continued to win new medical contracts which will drive future growth in this division.
In Precision Products, Wipac's specialist lighting business continues to perform well and this will help drive growth in this division during the second half. Our Aerospace business continues to experience weak demand but remains profitable and cash generative.
The Group's balance sheet remains strong and Group debt is well within our total debt facilities.
Overall, the Board remains confident in the outlook for the full year. The Group will announce its interim results for the period to 30th September 2009 on 24th November 2009.
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| Enquiries: | |
| Carclo plc | 01924 268040 |
| Ian Williamson, Chief Executive | |
| Robert Brooksbank, Finance Director | |
| Weber Shandwick Financial | 020 7067 0700 |
| Terry Garrett / Stephanie Badjonat / Clare Thomas |
Notes to editors
Carclo plc is a global supplier of technical plastic components. It is a public company whose shares are quoted on the London Stock Exchange.
Two thirds of sales are derived from the supply of fine tolerance, injection moulded plastic components, which are used in medical, optical and electronics products. This business, Carclo Technical Plastics, operates internationally in a fast growing and dynamic market underpinned by rapid technological development.
One third of sales are derived from the supply of specialised precision products to the premium automotive and aerospace industries.
Carclo's strategy is to develop new technologies and products to drive future growth.