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Carclo swings to first-half profit as lower costs offset fall in revenue; Interim CFO to depart

By BFN News | 09:16 AM | Friday 27 November, 2020


Carclo swung to a profit in the first half of the year as lower costs offset a fall in revenue. The company also said that Matt Durkin-Jones would be stepping down from his role as interim chief financial officer from 17 December 2020. For the first half of the financial year to 31 March 2021, pre-tax profit was £227,000, compared with of loss of £4.2 million year-on-year, while revenue fell to £50 million from £56.1 million. Exceptional costs relating to continuing operations fell to £1.3m from £1.9m. Looking ahead, the company said two significant tooling agreements were secured with a new medical customer for COVID-19 test components with supply of manufactured product due to commence in 2021. 'This is expected to offset a weaker performance in the aerospace division during the second half due to lower customer demand,' it added. At 9:16am: (LON:CAR) Carclo PLC share price was 0p at 18.4p Story provided by StockMarketWire.com

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