Last checked at 11 Apr 2017 07:00
Carclo plc
("Carclo" or the "Group")
Year End Trading Update
The Board is pleased to confirm that, following the anticipated strong second half performance, the Group has delivered good growth for the year ended 31 March 2017, with trading in line with the Board's expectations.
Technical Plastics has delivered another year of growth and operating margin improvement, with margins expected to be at or close to the Group's stated 10% target. The integration of the recently acquired Precision Tool and Die business has progressed well, and the first tranche of synergistic projects is now underway. The Division's strategy of expanding its sites, increasing its penetration into the Global Top 20 medical device companies and driving margin enhancement is proceeding well.
The LED division's Wipac business has continued to win new lighting programmes and we are pleased to announce that we have been awarded a second mid-volume project, on a vehicle for the hybrid market. Reflecting its less complex design than the first mid-volume project, this programme is of lower value but does not require any material working capital investment by the Group. This win endorses our strategy to move into the mid-volume sector, in which the Board is confident of continued success.
The acquisition of FLTC (Europe) a.s. ("FLTC") was announced and completed on 30 March 2017 and the positive customer response to this extension of our capabilities has been very encouraging.
Group net debt at the year-end was broadly in line with our previous expectations, as adjusted for the net cash effect of the FLTC acquisition.
Carclo expects to report its preliminary results for the year ended 31 March 2017 on 6 June 2017.
The information contained within this announcement is deemed by Carclo plc to constitute inside information as stipulated under the Market Abuse Regulation. Upon the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.
Ends
For further information please contact:
Carclo plc | 0192 426 8040 |
Chris Malley, Chief Executive |
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Robert Brooksbank, Finance Director |
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Peel Hunt LLP (Corporate broker) | 020 7418 8900 |
Justin Jones |
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Matthew Brooke-Hitching |
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Weber Shandwick Financial (Financial PR) | 020 7067 0700 |
Nick Oborne |
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About Carclo
Carclo plc is a public company whose shares are quoted on the Main Market of the London Stock Exchange.
Carclo's strategy is to develop and expand its key manufacturing assets in markets where there are significant further opportunities to drive shareholder value. To enhance profit margins and support its customers, the group has been investing across its global footprint.
Approximately three fifths of group revenues are generated from the supply of fine tolerance, injection moulded plastic components, mainly for medical products. The balance of group revenue is derived mainly from the design and supply of specialised injection moulded LED based lighting systems to the premium automotive industry.