Carclo dips as profits fall during “disappointing” year of trading

The plastics manufacturer warned investors earlier this year that profits would be “significantly” lower due to contract delays and operational inefficiencies

injection mould machine
Carclo’s plastic components are often used in medical products

Shares in Carclo PLC (LON:CAR) edged lower on Tuesday after the plastic components manufacturer reported a dive in profits during a “disappointing” year of trading.

A profit warning back in January helped to prepare investors, with Carclo stating at the time that unexpected delays in securing big contracts in its Technical Plastics and Wipac units would negatively affect results.

READ: Carclo plummets on profit warning

For the 12 months through to March 31, the Yorkshire-based group posted a 6% rise in revenues to £146.2mln (2017: £138.2mln).

But pre-tax profits fell by almost a fifth to £9.9mln (2017: £12.0mln), with Carclo also blaming “some weaknesses in operational performance” for the dip.

“While the year has been disappointing, the board remains confident in the underlying strength of the group and its people to recapture the momentum of recent years and to drive significant value for our shareholders in the future,” said chairman Michael Derbyshire, who is to retire next month.

He added: “The group has taken immediate action to improve operational performance and following a full operational review has implemented a significant number of improvements across its operations.”

Shares fell 3.8% to 86.2p on Tuesday.

Quick facts: Carclo

Price: 9.48 GBX

Market: LSE
Market Cap: £6.96 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Benchmark Holdings focused on making core business 'commercially profitable'

Benchmark Holdings PLC's (LON:BMK) CEO Trond Williksen and CFO Septima Maguire says they're pleased with what's been achieved with its restructuring programme following the sales of FishVet and Improve International. Williksen says it demonstrates their ability to execute and deliver on its...

8 hours, 47 minutes ago

2 min read