LONDON (Alliance News) - Carlco PLC was boosted in early trade on Thursday after the firm delivered an upbeat trading update, saying trading in its new financial year has started well and is in line with expectations, leading it to express optimism for the full year.
The technical plastics products supplier saw its shares rise 2.2% to 154.25 pence in early trade, putting it among the top risers on the All-Share index.
The firm said its technical plastics business is performing well in the new financial year so far, with the pace of new business development ahead of expectations. The unit has also won new contracts from customers including Accelerate Diagnostics and Accriva Diagnostics. As part of a restructuring of the business, the firm said its Harthill manufacturing facility will cease production ahead of schedule by the end of its fiscal half-year, with programmes to be transferred to other locations.
The group also said it was seeing positive developments for its LED technologies arm on the back of a good start to the year for its Wipac supercar lighting business. The group's investment to expand manufacturing capacity at its Buckingham facility is underway and will support the growth of the Wipac business, the firm said.
It also said its precision engineering division has had a better-than-expected start to the year, and said coated film sales for its Conductive Inkjet Technology are tracking expectations. It also reported progress for its CIT printed electronics and diagnostic solutions arms.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Carclo (CAR)