Robust results for manufacturer despite secondary impacts of pandemic

Carclo, which manufactures tolerance injection moulded plastic parts and aerospace components, has reported a resilient revenue performance in its full year results for the year ended 31 March 2022.

The Wakefield-headquartered company saw its revenue from continuing operations increase by 19.5% to £128.6m (2021: £107.6m), while its pre-tax profits were £5.9m (2021: £6.7m).

Underlying operating profit from continuing operations increased by 27.1% to £6.1m (2021: £4.8m).

Nick Sanders, executive chairman, said: “Despite significant headwinds the business has delivered revenue and profit growth and at the same time continued to invest in growing capacity to meet the demands of growing markets.

“Although the direct impacts of the pandemic have reduced progressively during the year the secondary impacts of cost inflation, labour shortages and logistics delays hit the second half of the year.

“Both divisions have continued to execute on the strategic plans developed in 2021 through targeting organic growth opportunities in their chosen markets and strengthening management teams. This has resulted in a number of new business wins which will contribute to our future revenue and profit growth.”

Carclo says customer demand in its technical plastics (CTP) division remained strong throughout the year and the business delivered growth in both product and tooling revenues.

While demand in the group’s Aerospace division was subdued in the first half of the year, order intake rose in the second half, largely as a result of increases in commercial air travel.

In line with its growth strategies, Carclo says it continued to invest significantly in new capital equipment, mainly focused on increasing future business in the medical and diagnostic sectors with its existing global customer base.