Last checked at 7 Apr 2014 07:00
7 April 2014
Carclo plc
("Carclo" or "the group")
Year end trading update
The board is pleased to announce that the group has traded in line with its expectations for the financial year ended 31 March 2014.
At Conductive Inkjet Technology coated film sales in the second half have exceeded first half sales as previously discussed and we expect this increase to continue into our new financial year as customer activity accelerates.
Our Technical Plastics division has enjoyed a stronger second half, as predicted, and a very good last quarter. The division is experiencing substantial growth from new major contracts, particularly in our US and Czech facilities, which will benefit the new financial year and beyond. The recent expansion of our US facilities is well timed in this regard and a Czech expansion is currently underway. As part of our strategy to develop larger, more efficient plants, on 3 April 2014, we commenced consultation with the workforce of our facility in Harthill UK regarding a possible closure of this loss making plant.
The LED Technologies division has benefitted from a significantly stronger second half in both Wipac and its LED Optics business. Wipac has, as expected, continued to win additional supercar lighting programmes which will drive significant future growth. Our Optics business is also enjoying strong growth and as a result we are in the process of moving from our small Slough facility to larger facilities in Aylesbury UK.
Our Precision Engineering division continues to perform satisfactorily with financial performance at similar levels to the prior year. On 31 March 2014, we disposed of the business and assets of our small bandsaw machine and blade business, Birkett Cutmaster, which accounted for approximately £1.3 million of this division's reported sales. This disposal, which will generate cash of approximately £0.3 million, will not materially affect the division's future profitability.
Progress has been very promising at Carclo Diagnostic Solutions. The main focus is on product trials for the Acute Kidney Injury marker project with EKF Diagnostics Systems plc which are expected to take place shortly. We will be providing further information in our June preliminary results announcement on the future strategy and commercial direction of this business.
The board looks forward to delivering its growth strategy across its main businesses in the new financial year. Carclo will announce its preliminary results for the year ended 31 March 2014 on 10 June 2014.
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Enquiries: | |
Carclo plc | 01924 268040 |
Chris Malley, Chief Executive | |
Robert Brooksbank, Finance Director | |
Weber Shandwick Financial | 020 7067 0700 |
Nick Oborne / Stephanie Badjonat |
Notes to editors
Carclo plc is a technology group. It is a public company whose shares are quoted on the London Stock Exchange.
Carclo's strategy has been to develop new technologies and products to drive future growth. Its investment in CIT has led to the introduction of a new material for use in Capacitive Touch Screens. Further investment has been made in Carclo Diagnostic Solutions, where a novel Point-of-Care hardware platform has been developed.
Approximately three fifths of revenues are currently 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.
Approximately two fifths of revenues are derived from the supply of specialised precision LED based systems to the premium automotive industry, as well as key control systems for the aerospace industry.