Carclo plc Trading Update (8613K)
August 31 2023 - 2:00AM
UK Regulatory
TIDMCAR
RNS Number : 8613K
Carclo plc
31 August 2023
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31 August 2023
Carclo plc
("Carclo" or the "Group")
Trading Update
Carclo plc, the leading global provider of high-precision
components, offering comprehensive services from mould design,
automation, and production to assembly and printing, serving the
life sciences, aerospace, optics, and tech sectors, announces a
trading update.
Our CTP Design & Engineering business has showcased
remarkable resilience and growth, with sales figures exceeding
expectations year to date. The order book remains robust,
reflecting the trust our clients place in our capabilities and the
market's recognition of our advanced solutions. This strong
position underscores our commitment to innovation and our ability
to meet the evolving needs of our clients, further solidifying
Carclo's reputation as a leader in the sector.
In our CTP US Manufacturing Solutions business, we are
navigating through a tight labour market, which has presented
operational challenges across all of our US facilities. The ongoing
restructuring reflects our commitment to aligning our operations
more closely with market demand. While the initiation of a
significant project with a major customer has seen some delays, and
we've observed a softer demand in the early part of the year due to
destocking at our customers, we remain optimistic about the future
trajectory. Our proactive approach will ensure that we're
positioned to address these short-term challenges without
compromising our long-term vision.
Our CTP EMEA Manufacturing Solutions business has emerged
stronger post-restructuring. The results are evident in our
enhanced operational performance, allowing us to keep pace with the
growth of the EMEA market. With long-run operations solidified in
the UK and medium flexible runs in our Czech facility, we've
achieved a harmonious blend of efficiency and flexibility.
Furthermore, improvements in material utilisation underscore our
commitment to operational excellence.
The Aerospace division is experiencing a notable resurgence,
with indicators showing the market is rebounding to its pre-COVID
vibrancy. This revival is not merely a reflection of the broader
industry trend but is also a testament to our strategic and
proactive business development initiatives. Through targeted
efforts, we've not only captured new opportunities but also
strengthened existing partnerships. These achievements, combined
with our unwavering commitment to quality and innovation, have
further solidified Carclo's highly-regarded position within the
aerospace sector.
Financially, our focus on cash conversion and margin
improvement, rather than just sales growth, is beginning to reflect
positively on our balance sheet. The strategy to bolster our
balance sheet's health is evident across our operations. The
compensation received from the cancelled manufacturing framework
agreement has been utilised to reduce our bank debt. In an
environment of rising interest rates, our emphasis on cash
management becomes even more pivotal.
We will provide more details when we release our interim results
for the six months ending 30 September 2023 later this year.
LEI: 21380078MEM399JPI956
Enquiries:
Carclo plc 01924 268040
Frank Doorenbosch - Chief Executive Officer
Eric Hutchinson - Chief Financial Officer
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END
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