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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.£34.3m
Last close46.75p
High / Low (52 weeks)121.0p / 45.0p
Stock market listingLN
Forecast net debt (£m)37.8
Forecast gearing ratio (%)68
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(2.1)(40.8)(43.7)
Relative *(5.4)(43)(43.2)

* % 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 3.9 3.6
2018A 146.2 15.5 9.1 9.8 4.8 5.5
2019E 140.5 14.5 6.9 7.1 6.6 5.6
2020E 150.1 15.6 7.6 7.9 5.9 1.7

Last updated on 28/01/2019

Investment summary

Carclo has announced that the issues associated with initiating multiple low-volume lighting programmes in parallel that adversely affected H119 have continued throughout Q319. Progress on the mid-volume programmes, which have dedicated design teams and production cells, has been unaffected, other than a key milestone payment slipping into FY20 At the interim stage management believed that these issues would be resolved by the end of Q3, supporting a second half recovery, but now expects that second half profit levels will be similar to the first half. We revise our estimates, cutting EPS by 37% in both FY19 and FY20.

Last updated on 01/02/2019

Industry outlook

Following a 1.5pp year-on-year dip in margins in H119, initiatives to improve margins in Technical Plastics have started to deliver results but at a slower rate than management expected at the interims. The smaller Aerospace division continues to perform ahead of management’s expectations.

Last updated on 01/02/2019

Key management

Mark Rollins, Chairman
Sarah Matthews-DeMers , FD

Company address

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