Carclo appoints new Chief Executive and ups divi
Plastics business Carclo has pleased its investors after increasing its dividend and unveiling Chris Malley as its new Chief Executive.
Plastics business Carclo has pleased its investors after increasing its dividend and unveiling Chris Malley as its new Chief Executive.
Malley, who has been with Carclo for thirteen years, is replacing Ian Williamson, who will retire from the board in March of next year.
Pre-tax profit came in at £5.5m (2011: £6.8m) on revenues of £93.3m (2011: £88.6m), slightly shy of expectations of £94m, with profits offset by an exceptional items charge of £1.8m. Underlying profit from operations increased by 12.3% to £6.6m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The exceptional items charge was due mainly to the non-cash impairment charge associated with the firm's withdrawal from the volume automotive communications business.
Although basic earnings per share were 7.5p, down from 9.6p the year before, underlying earnings per share rose to 9.7p from 9.6p the previous year.
The board recommended a final dividend of 1.65p per share (2011: 1.5p), taking the full year dividend to 2.4p, up 9.1% compared to the year before and 0.2p ahead of analyst expectations.
Carclo's Chairman Christopher Ross said: "Our core manufacturing businesses continue to perform well. Recent contract awards and the expansion of the Indian operation will generate growth and support increased profitability in our Technical Plastics division.
"In Precision Products, our well-timed exit from the automotive antenna business enables us to deploy further resources to accelerate the expansion of our specialist LED Technologies division. We are working on a number of new contracts which will deliver further growth.
"These developments taken together give the board confidence that the new financial year will be transformational for Carclo."
Chris Malley has held senior management positions in finance, corporate development and then as divisional Chief Executive of its card clothing division, which was sold to Bekaert in 2005.
The share price rose 4.4% to 380p to 12:29.
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Where are ISA savers and investors putting their money?
With less than three months until the end of the tax year, where are ISA savers and investors putting their money? We look at the latest ISA trends.
By Katie Williams Published
-
More than £53 billion held in fixed-rate cash ISAs will mature by April - where should savers move their money?
If your fixed-rate cash ISA is maturing soon, we look at the options available to you
By Ruth Emery Published