- Manufacturer Carclo reported wider annual losses as rising costs offset higher revenue.

For the full year ended 31 March 2020, pre-tax losses widened to £545K from 8K on-year, while revenue rose 4.9% to £110m.

Revenue growth was underpinned by 'strong divisional performances from CTP (Carclo technical plastics division) and aerospace,' the company said.

The company said it had concluded exit of the loss-making LED division, reducing net debt and the pension deficit by £5.5m and £3.5m respectively.

'Alongside investing to deliver its organic growth strategy, the group is working closely with its pension trustees to reduce the relative scale of the group's defined benefit pension deficit,' the company said.

'Delivering a reduction in the pension deficit over time will be a key element in translating the performance of the underlying business into value creation for shareholders,' it added.

At 8:52am: [LON:CAR] Carclo PLC share price was -0.95p at 12.55p

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