Carclo to trouser milestone payment

The debt situation is looking a lot healthier at technology company Carclo after its recent share placing and the imminent triggering of a milestone payment.

The group said it traded in line with expectations in the first half of its financial year and, as indicated in its August trading statement, it continues to expect a much stronger second half to the year in terms of operating profit generation.

Its financial position has been "substantially improved" by the July equity placing, which raised £13.3m gross.

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The Conductive Inkjet Technology division's first production shipment for tough sensors was made in September. It expects the first shipment for the tablet programme to be made in the current quarter, triggering the receipt of a $10m pre-payment from its partner, Amtel Corporation.

Reported profits in its new LED Technologies division are expected to be ahead of the prior year first half, due to the continued success of the LED (light emitting diode) supercar lighting business.

In Technical Plastics full year profits will, as anticipated, be behind last year's comparative period. This is mainly a timing issue caused by profit recognition on new tooling projects where work-in-progress is high, and will normalise in the second half.

CM