Last checked at 7 Apr 2011 07:00
7 April 2011
Carclo plc
("Carclo" or "the Group")
Pre-close Trading Statement
The group has traded in line with the board's expectations for the financial year ended 31 March 2011.
Technical Plastics has enjoyed a good last quarter and operating profits for the full year are more than 10% ahead of the prior year. We expect further progress in the new financial year driven by growth in our medical diagnostics and LED optics businesses.
In Precision Products, as expected Wipac has delivered a much stronger second half trading performance. The business has benefited from the production ramp up on several of its supercar lighting programmes which together with recent new lighting contract wins will drive significant growth in the new financial year. The group's aerospace businesses have had a solid year with profitability ahead of the prior year.
Conductive Inkjet Technology ("CIT") continues to make significant progress towards commercialisation, most notably on its fine line technology project with Atmel Corporation. The final components of the Gen 3 upgrade are being installed on the pilot line in Cambridge this week. We are confident that the facility will be production ready by June with the first volume production to commence later this year.
Reported profit before tax will be enhanced modestly by a pensions credit resulting from the group's pension liability management programme. Group debt will be slightly higher than originally expected at the financial year end. This is mainly due to the increased level of investment in CIT during the second half in order to drive the fine line project forward and the growth in Wipac's supercar lighting business. The group's financial position remains strong.
Carclo will announce its preliminary results for the financial year ended 31 March 2011 on 7 June 2011.
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Enquiries: | |
Carclo plc | 01924 268040 |
Ian Williamson, Chief Executive | |
Robert Brooksbank, Finance Director | |
Weber Shandwick Financial | 020 7067 0700 |
Nick Oborne / Stephanie Badjonat |
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.