15th Nov 2016 09:19
LONDON (Alliance News) - Plastics supplier Carclo PLC on Tuesday reported growth in profit and revenue in the first half of its financial year and said it remains on track for the full year to March 2017.
Carclo reported a pretax profit of GBP4.8 million for the six months to September 30, up from GBP4.1 million a year before. Revenue rose to GBP63.3 million from GBP57.2 million.
Sales for the group were boosted by robust performances in its Technical Plastics and Aerospace units, which offset lower sales in its LED Technologies arm and the impact to revenue from the sale of its smaller CIT Technology arm.
Carclo said its Technical Plastics operating margin improved to 8.8% in the first half from 8.0% a year before and it has start expanding its facility in Bangalore, India in order to double overall capacity for the unit. LED Technologies product development is on track, the firm said, while its Aerospace arm benefited from a stable end-market.
"The group has enjoyed a strong first half trading performance with all divisions performing well and showing solid progress over the comparative period last year," said Chairman Michael Derbyshire.
"The board confirms that the group is trading in line with its expectations for the full year and expects the group to have a stronger second half of the financial year, benefiting additionally from the anticipated contribution from the Precision Tool & Die acquisition," he added.
Carclo shares were up 14% to 129.25p on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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