17th Nov 2015 09:46
LONDON (Alliance News) - Plastics company Carclo PLC on Tuesday said trading has met its expectations in the first half and it expects a better second as total revenue for the group increased and it swung to a pretax profit.
Carclo said its pretax profit for the half to the end of September was GBP4.1 million, compared to a GBP21.2 million loss it booked a year earlier when it booked GBP23.5 million in exceptional costs related to the exit from its CIT Technology business. Adjusted pretax profit, stripping out those one-off costs, rose to GBP4.1 million from GBP2.3 million.
Revenue in the half rose to GBP57.2 million from GBP48.8 million, with higher sales in its technical plastics, LED technologies and precision engineering businesses. The strong sales performances for the unit also drove profit for the group higher.
Carclo said it will pay an interim dividend of 0.90 pence per share, up from 0.85p a year earlier.
"The group's two main manufacturing divisions have produced excellent results in the first half of the year showing substantial progress over the comparative period last year," said Michael Derbyshire, Carclo's chairman.
"The board confirms that the group is trading in line with its expectations for the full year and expects the group to have a slightly stronger second half," he added.
Shares in Carclo were up 7.5% to 120.88p on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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