Carclo's shares ahead on news of in-line full-year trading

Global supplier of technical plastics products Carclo's shares rose more than 7% as it reported good growth delivery for the full year, and said trading was in line with the board's expectations.

Carclo said Technical Plastics delivered another year of growth and operating margin improvement, with margins expected to be at or close to the group's stated 10% target.

"The integration of the recently acquired Precision Tool and Die business has progressed well, and the first tranche of synergistic projects is now underway," the global supplier of technical plastics products added.

That division's strategy of expanding its sites, increasing its penetration into the Global Top 20 medical device companies and driving margin enhancement was proceeding well.

Carclo said its LED division's Wipac business had continued to win new lighting programmes and that it was pleased to announce the award of a second mid-volume project, on a vehicle for the hybrid market.

"Reflecting its less complex design than the first mid-volume project, this programme is of lower value but does not require any material working capital investment by the group."

At 13:02 GMT, shares in Carclo were up 7.13% to 139p each.