UPDATED: Acquisitions boost Carclo's results

TECHNICAL plastics firm Carclo said it had achieved a 'strong' full year trading performance after securing two acquisitions.

The City of London skyline at dusk Photo: Jonathan Brady/PA Wire

Carclo, based in Ossett, West Yorkshire, has developed touchscreen technology for tablet PCs and mobile phones.

In the year ended March 31, Carclo’s revenue increased by 16.2 per cent to £138.3m. The firm’s operating profit more than doubled to £12.0m from £5.2m.

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The group completed two acquisitions which it said will drive further growth. Precision Tool and Die was acquired in October 2016 and, in March 2017, FLTC (Europe) was acquired to expand the capabilities of the company’s LED Technologies division.

Michael Derbyshire, the company’s chairman, 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.”

Mr Derbyshire said Carclo remained on course to deliver strong improvements in returns over the coming years to its shareholders.

An analysts’ note from N+1 Singer said that Carclo’s trading has remained positive, with momentum in technical plastics and LED driving a stronger second half performance, which was slightly ahead of their expectations.

N+1 Singer said it was also encouraged by Carclo’s pension deficit reduction since the half year.