Progress has been made to stabilise Carclo, says chairman

Plastics firm Carclo has made clear progress to stabilise the business, the company's chairman said today,

Carclo is listed on the London Stock Exchange Picture: PA

Carclo plc is a public company whose shares are quoted on the main market of the London Stock Exchange.

The group is a provider of value-adding engineered services for the medical, optical and aerospace industries.

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In the six months to September 30 2019, the Ossett-based company said it recorded a strong performances from its two continuing businesses - aerospace and technical plastics.

Revenue from continuing operations increased by 12 per cent to £56.1m and underlying operating profit from continuing operations increased by 56 per cent to £3.3m.

The group statutory loss before tax was £5.6m, compared with a £3.4m profit in the same period the year before.

Commenting on the results, Mark Rollins, the company's chairman, said: "The strong results of the continuing businesses, along with the exit from the Wipac businesses after the period end, demonstrate the clear progress being made to stabilise the business.

"Whilst significant challenges remain in reaching agreement on the long-term funding of Carclo with the lending bank and pension trustee, the encouraging operational performances of the Technical Plastics and Aerospace Divisions provide a foundation on which a sustainable future for the group might be developed."