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Interim Results

Carclo profits up

15 November 2016 09:21

Global manufacturing group Carclo reports strong profit growth across the business in the six months to the end of September.

Group revenue increased by 10.7% to £63.3 million and operating profit before exceptional items increased by 19.0% to £5.6 million, with underlying operating margin increasing by 62 basis points to 8.8% (2015 - 8.2%).

Earnings per share increased by 24.4% to 5.6p (2015: 4.5p).

The group said increased profitability was driven by strong performances from the Technical Plastics and LED Technologies divisions.

It says: "As anticipated net debt rose to £27.6 million at the half year (31 March 2016 - £24.8 million), due partly to the impact of currency movements on the retranslation of the Group's US dollar and Euro denominated medium term loans; the Group's financing remains secure and well within covenant requirements

"IAS 19 retirement benefit liability net of deferred tax increased to £42.6 million from £18.9 million at the previous year end; a long term pension deficit funding agreement with the trustees is in place with the next triennial valuation at 31 March 2018."

At 9:21am: (LON:CAR) Carclo PLC share price was +17.5p at 131p

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