22nd Jul 2019 09:32
(Alliance News) - Plastics products maker Carclo PLC on Monday said it will delay the release of its annual results following a pension contribution agreement.
The company was due to release results for the year ended March 31 on July 23. It will now release its results on July 31.
The pension agreement, which will delay the audit, is in regards to the level of contributions the company pays until January 2021.
The company said that the pension agreement will now allow Carclo to extend its banking facilities, currently due March 2020, to January 2021. The principal terms of the extended facilities have been agreed with the bank and the company is working towards concluding formal documentation.
Carclo also said its Technical Plastics division performed "ahead of expectations" in the first three months of financial 2020, with Aerospace unit performing better than last year.
The company said its LED Technologies division is "improving" but still be lossmaking because of its struggling Wipac business. Carclo is in discussions with potential buyers to sell Wipac, the main unit in the LED Technologies division.
Shares in the company were up 5.7% at 13.50 pence each in London on Monday morning.
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