Interim Management Statement

RNS Number : 0848P

Carclo plc

14 August 2014

 

                                                                                                                        14 August 2014

Carclo plc

("the group")

Interim Management Statement

We are pleased to report that the new financial year has started strongly and that the group is trading in line with the board's expectations.

In Technical Plastics, our businesses are performing well. The pace of new business development has exceeded our original expectations for the first part of the financial year which will support growth in future years. The division has gained a number of new business wins from customers including Accelerate Diagnostics and Accriva Diagnostics and our plans to increase manufacturing capacity to facilitate our expansion remain on track. As part of the reorganisation of our manufacturing processes, production at our Harthill facility will cease ahead of schedule by the half year end, with a number of programs being transferred to other group locations.

In LED Technologies, our Wipac supercar lighting business has had a positive start to the financial year with three new design wins already placed. This new business leaves Wipac well positioned to deliver the substantial revenue and profits growth that we anticipate for the next two to three years.  The investment in new manufacturing capacity at Wipac's Buckingham facility in order to support this growth is now underway.  Our LED Optics business, which has now successfully relocated to its new Aylesbury facility, has seen a solid start to the year.

In Precision Engineering, our Aerospace business has had a slightly better than expected start to the year and the business continues to be profitable and cash generative.

At Conductive Inkjet Technology ("CIT") coated film sales have tracked expectations.  As announced on 7 August 2014, our partner, Atmel Corporation, is seeing good levels of customer interest in its XSense™ products and continues to win new designs.

Our CIT Printed Electronics business has made good progress and we remain focused on the development of a number of innovative customer programs.  With our continued investment in product development, we have now commenced the design of a smart asthma inhaler and a Bluetooth enabled enuresis sensor which will demonstrate our use of smart printed electronics incorporated into moulded devices.

Progress at Carclo Diagnostic Solutions has continued well and is in line with the Development Plan that we set out in our 2014 Report & Accounts. 

The group's financial position remains comfortable and the trading outlook for this year and beyond is positive.

- ENDS -

Enquiries:
Carclo plc	01924 268040
Chris Malley, Chief Executive
Robert Brooksbank, Finance Director
Weber Shandwick Financial	020 7067 0000
Nick Oborne / Stephanie Badjonat

Notes to editors

Carclo plc is a technology group. It is a public company whose shares are quoted on the London Stock Exchange.

Carclo's strategy has been to develop new technologies and products to drive future growth. Its investment in CIT has led to the introduction of a new material for use in Capacitive Touch Screens.  Further investment has been made in Carclo Diagnostic Solutions, where a novel Point-of-Care hardware platform has been developed.

Approximately three fifths of revenues are currently derived from the supply of fine tolerance, injection moulded plastic components, which are used in medical, optical and electronics products. This business, Carclo Technical Plastics, operates internationally in a fast growing and dynamic market underpinned by rapid technological development.

Approximately two fifths of revenues are derived from the supply of specialised precision LED based systems to the premium automotive industry, as well as key control systems for the aerospace industry.

 

END

 

 

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