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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.£58.9m
Last close80.40p
High / Low (52 weeks)179.0p / 78.0p
Stock market listingLN
Forecast net debt (£m)27.9
Forecast gearing ratio (%)46
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(9.7)(6.5)(47.6)
Relative *(9)(12.4)(49.5)

* % 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 6.6 6.3
2018A 146.2 15.5 9.1 9.8 8.2 9.4
2019E 147.7 18.5 11.0 11.4 7.1 3.5
2020E 157.8 20.1 12.1 12.5 6.4 3.7

Last updated on 05/06/2018

Investment summary

Delays in the placement of certain customer project awards and weaknesses in operational performance, particularly in the Technical Plastics division, meant that Carclo did not meet management’s original FY18 profit targets, although the performance was in line with revised guidance. Most of the delayed contracts have now been placed and management has taken steps to improve margins. Demand from medical customers for precision plastic moulding and for LED lighting in luxury cars, supercars and mid-volume models remains good so we leave our estimates and valuation range broadly unchanged.

Last updated on 05/06/2018

Industry outlook

Sarah Matthews-DeMers will join Carclo as Group Finance Director in July. She is currently Director of Strategy and Investor Relations at Rotork where she recently led a wide-reaching strategic review of all aspects of the business. Prior to this she was Associate Group Finance Director at Avon Rubber and was part of the senior management team that transformed Avon from a £60m to a £350m market capitalisation company.

Last updated on 27/04/2018

Key management

Michael Derbyshire, Chairman
Christopher Malley, CEO

Company address

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