Carclo on track for full year

Plastics business Carclo has said it remains on track to deliver progress across all of its businesses.

Technical Plastics has performed well following several new business awards, despite some signs of weakness in short term schedules relating to a small number of customers. The business is now planning to bring forward a substantial capacity increase in its US medical business to accommodate this additional business.

The LED Technologies division has a pipeline of new projects in Wipac's super-car lighting business that the firm believes should deliver good growth over the next two years.

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Conductive Inkjet Technology's fine line touch sensor technology is on track and the first production shipments are expected to be made from Cambridge in the current quarter. This will trigger the receipt of a $10.0m prepayment from its partner, Atmel Corporation, in the fourth quarter.

The second half of the financial year, which is usually stronger than the first half, will this year be even more so as a result of the build-up in volume production at Conductive Inkjet.

The group added that its financial position has been strengthened significantly by the recent equity placing where funds of £13.3m (pre-expenses) were raised in order to reduce group indebtedness to a more suitable level for an expanding technology company and to enable the group to resource its longer term growth strategy for Conductive Inkjet and Carclo Diagnostic Solutions.

The share price fell 1.59% to 495p by 10:24.

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