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Annual Results

Carclo operating profits more than double

06 June 2017 07:34

Carclo's revenue increased by 16.2% to £138.3m - 10% growth at constant currency - in the year to the end of March and operating profit more than doubled to £12.0m from £5.2m.

The group said this reflected continued strong sales progression across its businesses and was its fourth consecutive year of double-digit growth.

Divisional underlying operating profit was £15.9m (2016: £12.8m) and group underlying operating profit was £12.5m (2016: £10.0m), up 24.6% (up 22.0% on a constant currency basis).

Other highlights:

- Underlying operating margin increased by 60bps from 8.4% to 9.0%

- Profit before tax of £10.5m (2016: £3.9m); underlying profit before tax of £11.0m (2016: £8.8m), up 25.9%

- Earnings per share increased to 11.5 pence (2016: 3.3 pence); underlying earnings per share increased to 12.1 pence (2016: 10.1 pence), up 19.8%

Chairman Michael Derbyshire said: "The group has yet again delivered a strong trading performance during the year, and made excellent progress in implementing its stated strategic objectives.

"The two acquisitions made during the year are well aligned to our strategy and we have been successful in rapidly integrating both companies into the group.

"Having exited the year with record order intake and pipeline within CTP and with the early delivery of our objective for Wipac of securing a second mid-volume lighting programme, we remain on course to deliver strong improvements in returns over the coming years to our shareholders."

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