StockMarketWire.com - Plastic components supplier Carclo said it expected to report annual underlying results for its continuing businesses in line with its expectations.
The company said, however, that disruption had been more extensive in the first quarter of the current financial year, than in the final quarter of last year.
The technical plastics division performed strongly for the year as a whole, largely driven by increased volume as the business continued to secure a number of new programmes in its core medical market, the company said.
The aerospace division also performed well, driven by increased volumes of spares orders and customers building inventory ahead of the UK's exit from the EU.
The Covid-19 pandemic, however, was beginning to have an impact on performance since the turn of the new fiscal year.
Despite continued demand in the technical plastics division, which focused on the medical market, the implementation of governmental guidance on social distancing and some limited shutdowns had impacted efficiency and throughput across the group, which would inevitably have a negative impact on profitability.
Demand for its aerospace business had been significantly impacted by the downturn in the aerospace sector, the company said.
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