27th Nov 2020 16:15
Carclo PLC - West Yorkshire-based plastic parts manufacturer - Swings to GBP865,000 pretax loss for the six months ended September 30 from a GBP157,000 profit the year before as revenue drops 11% to GBP50.0 million from GBP56.1 million. Carclo Technical Plastics revenue drops 10% to GBP47.2 million as a result of "Covid-19 related disruption to non-medical diagnostics customer demand and business interruption caused by local lockdowns." Aerospace revenue falls 58% to GBP2.7 million from GBP6.5 million due to lower customer demand. No dividend payment until period ending July 2023 under terms of financing agreements.
Executive Chair Nick Sanders: "Demand for CTP products in the medical diagnostics sector is increasing as a result of the pandemic and we hope to secure further new contract awards over the coming months. Conversely demand in the aerospace sector is significantly down on pre-pandemic levels and we have responded to this by looking for alternative sources of business and cutting costs. Despite this trading in the aerospace division will remain challenging for some time."
Additionally notes Matt Durkin-Jones has announced his intention to step down as interim chief financial officer and director of the board, effective December 17. Durkin-Jones joined Carclo for an initial six-month term on January 21.
Current stock price: 15.45 pence; down 12% on Friday
Year-to-date change: down 18%
By Anna Farley; [email protected]
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