StockMarketWire.com - Carclo's revenue increased by 10.5% to £107.5m in the year to the end of March, reflecting excellent sales progression across its businesses.

Divisional underlying operating profit was £9.9 million (2014 - £8.6 million) and underlying operating profit from operations was £7.8 million (2014 - £6.6 million), up 18.9% on the prior year. An exceptional charge of £31.7 million (2014 - £0.5 million), of which £23.5 million had been provided at the half year, primarily due to £25.4 million of impairment costs in CIT Technology.

Underlying profit before tax of £7.1 million (2014 - £5.3 million), was up 34.6% on the prior year.

Technical Plastics revenue, underlying profits and margins again all increased compared to the prior year.

The company also reports an excellent performance by LED Technologies, driven by Wipac luxury and supercar lighting business and continuing investment in Carclo Diagnostic Solutions underpinned by further technological developments.

Chairman Michael Derbyshire said: "The group is very well placed to continue with its growth strategy. Exiting the CIT business enables us to focus our resources on developing the significant opportunities that we have identified and we believe that, through a combination of organic investment and highly focused acquisitions, we will be able to drive the group forward over the years to come."




Story provided by StockMarketWire.com