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Carclo (CAR)

Business description

Carclo is a specialist in high-precision plastic moulding principally in healthcare, optical and automotive applications. Its two main end-markets are high-volume medical consumables and low-volume, very high-value automotive lighting.

Stock data

Market cap.£59.3m
Last close80.80p
High / Low (52 weeks)127.8p / 77.2p
Stock market listingLN
Forecast net debt (£m)28.5
Forecast gearing ratio (%)48
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(0.4)(12.2)(36.4)
Relative *5.0(4.8)(31)

* % Relative to local index

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Company news

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2017A 138.3 17.0 11.0 12.1 6.7 6.3
2018A 146.2 15.5 9.1 9.8 8.2 9.5
2019E 146.6 18.5 10.9 11.3 7.2 3.6
2020E 156.6 20.1 12.1 12.5 6.5 3.7

Last updated on 21/11/2018

Investment summary

As flagged in the October trading update, Carclo’s H119 performance was adversely affected by delays in commencing three medical programmes. Moreover, all of the new vehicle production programmes planned for FY19, with their attendant start-up inefficiencies, started during the first six months. Group revenues declined by 1% year-on-year (0.3% rise in constant currency) while pre-exceptional group PBT reduced by 22% (14% in constant currency) to £3.6m.

Last updated on 29/11/2018

Industry outlook

While these events held back first-half performance, they augur well for a second-half recovery. The delayed medical programmes have now commenced production and the inefficiencies resulting from multiple production start-ups in the LED division have been resolved. There are signs too that the initiatives to improve CTP margins are gaining traction. We leave our group forecasts broadly unchanged.

Last updated on 29/11/2018

Key management

Christopher Malley, CEO
Sarah Matthews-DeMers , FD

Company address

Springstone House
27 Dewsbury Road
Ossett
WF5 9WS
United Kingdom
+44 (0) 1924 268040
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