Carclo confident on future prospects

CARCLO, the plastics technology firm, said it remained confident of making further positive progress over the current financial year despite its share price plunging by 10% earlier this week.

The company saw its value drop markedly this week on the back of ongoing economic uncertainty. However, Carclo’s share price has since rallied and closed at 284p last night, although it opened down this morning.

In an interim management statement this morning, Ossett-based Carclo said that trading continued to be in line with its expectations.

It said its technical plastics arm continued to benefit from growth in its medical diagnostic business and a newly established Indian operation had seen strong demand.
 
In precision products, specialist LED lighting sales at its Wipac business continue to grow, Carclo said.

The company added: “We are involved in a number of other interesting new projects which, if confirmed, will add further growth in this business.

“Our withdrawal from the supply of automotive antennas and cables to Ford is proceeding to plan and will be essentially complete by the end of this financial year. The aerospace businesses continue to perform well.”
 
Carclo said its Conductive Inkjet Technology arm is also making progress.

Carclo, which recently announced that its pre-tax profits had grown from £4.6m to £6.8m for the year ended March 31, said negotiations with its banks were progressing regarding a re-financing deal and this was expected to be completed ahead of schedule over the next few months.