Business
Pre-close trading statement
Pre-close trading statement.
About this update from Carclo Plc
[{"type":"text","content":"\n RNS Number : 8572J Carclo plc 08 April 2010 \n \n\n8 April 2010\n \nCarclo plc\n(\"Carclo\" or \"the group\")\n \nPre-close Trading Statement\n \nThe board of Carclo is pleased to report that the group has continued to trade broadly in line with its expectations since the issue of our Interim Management Statement on 11 February 2010.\n \nTrading Performance\n \nAs expected, the group enjoyed a stronger second half trading performance.\n \nIn Technical Plastics we anticipate profits to be ahead of last year reflecting a robust performance from the group's medical and optical business. In Precision Products profitability has been impacted by subdued demand at our aerospace businesses. Wipac enjoyed a better second half due to significant revenues from design, development and tooling for supercar lighting programmes. However, two customers have extended vehicle product launches by between three and six months resulting in a modest reduction in profit recognition this year and a corresponding increase in the new financial year.\n \nBalance Sheet and Pension Accounting\n \nNet debt has reduced this financial year due principally to the successful equity placing in December 2009 which raised £3.5 million net of costs to fund the additional capital expenditure and working capital requirements at Conductive Inkjet Technology (\"CIT\").\n \nThe group pension scheme will again show a deficit on an IAS19 basis at 31 March 2010. The year's results will reflect a net IAS19 financing charge of £0.4 million (2009 £1.0 million credit) although this is expected to revert to a net credit for 2010/11 due to an increase in the value of the scheme's assets.\n \nTechnology\n \nThe commercial development of CIT continues to plan. The InkJetFlex business is now fully operational with a growing number of customers. The new pilot line for touch sensor screens is on track to be commissioned towards the end of 2010. Cambridge Display Technology has announced an innovative new OLED lighting product concept using CIT technology for the front transparent electrode. This is another potentially large application for our technology.\n \nOutlook\n \nThere are tentative signs of an improvement in the general trading environment and, if sustained, this should benefit the parts of our business...