19th Nov 2013 10:19
LONDON (Alliance News) - Technology led plastics group Carclo PLC Tuesday reported an increase in profit and revenue for the first-half, reflecting a strong performance across the business.
The company which makes plastic components used in medical, telecom and electronics parts, posted pretax profit of GBP1.8 million for the period ended September 30, up from GBP1.1 million a year earlier while revenue rose to GBP45.4 million from GBP40.0 million in 2012.
Carclo attributed the increase to strong sales across its divisions and in particular its technical plastics arm which provides injection moulding and contract manufacturing services for medical, optics and electronics applications.
Technical Plastics reported a 15.8% increase in revenue to GBP28.0 million, from GBP24.2 million a year earlier driven by growth in the US and India and the phasing of new customer funded tooling and development projects.
The Chinese business had a more difficult year with reduced orders from its biggest customer.
The LED technologies division generated sales of GBP12.1 million compared with GBP11.5 million a year earlier. It has won two new contracts during the half which Carclo expects to provide "momentum for significant growth in this division over the next few years."
The division designs and manufactures a range of lighting and control systems for the automotive and aerospace industries.
Sales for the aerospace business dipped to GBP3.9 million, from GBP4.0 million in 2012.
Financially, net debt rose to GBP14.3 million from GBP11.4 million due to continued investment in the group's manufacturing capacity.
The board raised the interim dividend 6.3% to 0.85 pence, from 0.8 pence following the company's strong performance.
The stock was trading at 340.75 pence Tuesday morning, down 7.50 pence or 2.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Carclo