Last checked at 4 Apr 2012 13:08
04 April 2012
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 2012, showing good growth at the underlying level and benefitting from a strong performance in the second half.
As we detailed in our Interim Management Statement of 16 February 2012, some of our customers in Technical Plastics implemented short term inventory corrections in our last quarter and as a result the division's overall performance will be similar to last year. We have since seen no further inventory corrections and therefore expect this division to return to growth in the new financial year. In particular, our Indian operation is set to expand significantly and we are investing to increase capacity.
Precision Products has delivered a very strong second half and its profit contribution will be well ahead of the previous year. Wipac's supercar lighting business has performed well and continues to grow. We have completed our withdrawal from the Ford antenna and cables business. Our aerospace businesses have enjoyed a solid year of growth.
Carclo Diagnostic Solutions has made excellent technical progress this year on the three hardware platforms that are under development. We are now exploring commercial partnerships to exploit these opportunities.
Conductive Inkjet Technology's ("CIT's") touch sensor project has taken a major step forward with the announcement today by its partner Atmel Corporation ("Atmel") of the commercial launch of its XSense™ touch sensor product based upon CIT's fine line technology. Atmel has announced that volume production of touch sensors from both the CIT pilot line and Atmel's own full scale production line will commence in the third quarter 2012. Atmel is now engaged on multiple product programmes with a broad range of customers. We expect the prepayment due from Atmel under our partnership agreement to be received as volume production commences. We will provide a more detailed update on plans for capacity expansion of our fine line technology and on the board's objectives and plans for CIT with our preliminary results announcement.
The touch sensor project is a very substantial opportunity for Carclo and this exciting development gives the board confidence that the new financial year will be transformational for the group.
Carclo will announce its preliminary results for the year on 12 June 2012.
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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 / Robert Cook |
Notes to editors
·; Carclo plc is a technology led plastics group. 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.
·; A third of sales are derived from the supply of specialised precision products to the premium automotive and aerospace industries. Carclo is a leader in the development of high power LED lighting for supercars.
·; Carclo's strategy is to develop new technologies and products to drive future growth. Its investment in Conductive Inkjet Technology is at the heart of the newly emerging market for very low cost printed electronics.