Carclo looks forward to progress
TECHNICAL plastics group Carlco this week unveiled “solid” results and said it is looking forward to making “significant progress” in the year ahead.
The Ossett-based firm said that revenues fell by 7.2% to £86.5m in the year to March 31 reflecting the previous year’s withdrawal from its Wipac volume automotive antenna business.
Divisional operating profit was £7.7m, down from £8m a year before while underlying operating profit from continuing operations was in line with expectations at £6.2m (2012 – £6.6m)
Net debt reduced from £18n to £9.2m in the year following an equity fund raising and receipt of a $10m prepayment from Atmel Corporation.
The company, which makes injection moulded plastic components, which are used in medical, optical and electronics products including the lights of supercars, has increased its total dividend by 6.3% to 2.55p a share.
Carclo said that its Conductive Inkjet Technology (CIT) operation shipped its first commercial touch screen products in the year and has achieved design wins for multiple products to further customers
Michael Derbyshire, chairman said: “Carclo produced a solid financial performance and made encouraging strategic progress during the year ended 31 March 2013.
“With a newly constituted board in place, CIT set to contribute substantially and the core businesses in good shape, we are confident that the group will make significant progress in the coming year.”
