Business
Full Year Trading Statement and COVID-19 Update
Full Year Trading Statement and COVID-19 Update.
About this update from Carclo Plc
[{"type":"text","content":"\n \n \n RNS Number : 7390L\n Carclo plc\n 04 May 2020\n \n \n \n Carclo plc\n (\"Carclo\" or \"the Group\" or \"the Company\")\n \n Full Year Trading Statement and COVID-19 Update\n \n \n Trading update for the year ended 31 March 2020\n (\"FY2020\")\n \n \n The Board is pleased to announce that trading for the continuing businesses during the second half of FY2020 reflected a continuation of the positive momentum seen in the first half of the year. Consequently, the Board expects to report, subject to audit, underlying results for the continuing businesses for FY2020 in line with its expectations.\n \n The Technical Plastics Division performed strongly for the year as a whole, largely driven by increased volume as the business continued to secure a number of new programmes in its core medical market. The Aerospace Division also performed well, driven by increased volumes of spares orders and customers building inventory ahead of the UK's exit from the EU.\n \n As previously announced, the Group successfully completed the exit from the loss-making businesses of the LED Division in December 2019.\n \n The Group's net debt (including IFRS16 leases and subject to audit) at 31 March 2020 was £25.8m, (30 September 2019: £31.7m).\n \n Impact of COVID-19\n \n Whilst the initial outbreak of COVID-19 had limited impact on trading in final quarter of FY2020, disruption has been more extensive in the first quarter of the current financial year. During this period, the Group's primary focus has been to ensure the wellbeing of staff and the continued safe operation of its businesses. All applicable government advice has been followed across the different countries in which the Group operates. Pleasingly, it has been possible to keep most sites operational through the lockdown period, enabling the Group to continue to serve its customers many of whom operate in essential industries, particularly the medical diagnostic sector.\n \n Given the division's focus on the medical market, overall demand across the Technical Plastics business has remained relatively resilient, with a number of its products being used directly in COVID-19 testing applications. Notwithstanding continued demand, the implementation of governmental guidance on social distancing and some limited s...