Last checked at 13 Aug 2009 07:00
For immediate release: 13 August 2009
Carclo plc
("Carclo" or "The Group")
Interim Management Statement
The board announces a satisfactory start to the new financial year in difficult market conditions. Encouragingly, the group continues to trade in line with our expectations for the full year.
Sales in Technical Plastics have remained at a similar level to the same period last year after allowing for the closure of two small plants and the recent strengthening of sterling against the US dollar. We continue to win new medical programmes and significant product launches will support growth in the second half of the year.
Sales in Precision Products are ahead of the prior year with further growth in Wipac's specialist lighting business compensating for lower demand in automotive antennas and aerospace cables. There is recent evidence to suggest that demand is stabilising in both these business areas.
In our 2009 Report and Accounts we provided a detailed description of our technology investments. Progress at Conductive Inkjet Technology continues to be positive. The project to develop the fine line technology for capacitive touch screens is gathering pace.
In the Finance Director's review of results for the year ended 31 March 2009 announced on 9 June 2009, we noted that profits in the second half were lower than in the first half due to the impact of the economic downturn on some parts of our business. We stated that we expected to revert to our normal first half, second half split with a larger proportion of profit generated in the second half of the new financial year.
The actual pattern of trading is consistent with this expectation. The early part of the current financial year has continued to be impacted by the effects of the economic downturn, but the benefit of substantial contract wins will start to be felt in the second half and the overall outlook for the group remains positive.
- ENDS -
| Enquiries: | |
| Carclo plc | 01924 268040 |
| Ian Williamson, Chief Executive | |
| Robert Brooksbank, Finance Director | |
| Weber Shandwick Financial | 020 7067 0700 |
| Terry Garrett or James White |
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.