StockMarketWire.com - Manufacturing group Carclo posted a 22% fall in annual profit following operational disruptions and contract delays.
Pre-tax profit fell to £8.2m, even as revenue rose 5.7% to £146.2m.
'Delays in the placement of certain customer project awards and some weaknesses in operational performance, particularly within Carclo technical plastics, meant the group did not achieve its profit targets,' chairman Michael Derbyshire said.
'The group has taken immediate action to improve operational performance and following a full operational review has implemented a significant number of improvements across its operations.'
The company did not declare a dividend.
'The board intends to recommence dividend payments when confident that a sustainable and regular dividend can be reintroduced,' Derbyshire said.
At 2:31pm: [LON:CAR] Carclo PLC share price was -1.5p at 88.5p
Story provided by StockMarketWire.com
Shares Magazine
Shares is the leading weekly publication for retail investors. It is packed with investment ideas, news and educational material to help build and run portfolios and get more from your money.
Investor Events
Shares puts on free Investor Events throughout the year across the country. They provide an opportunity for investors to learn more about companies on the stock market and hear from a range of investment experts including fund managers and Shares journalists.