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Carclo

Update on banking position and timing of results

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RNS Number : 1076H
Carclo plc
30 July 2019
 

30 July 2019

Carclo plc

 

Update on banking position and timing of results announcement

 

Carclo plc ("Carclo" or the "Group"), a global manufacturer of fine tolerance injection moulded plastic parts mainly for the medical, automotive lighting and optics markets, issues this update on its banking arrangements and the timing of the announcement of the results for the year ending 31 March 2019 (the "2019 financial year").

As announced on 22 July 2019, the Group reached formal agreement with the pension trustee regarding the level of pension contributions to be paid by Carclo until January 2021 which, in turn, enabled the Group to reach outline agreement on an extension of the Group's existing borrowing facilities for the same period. The Group can confirm that formal banking documentation was subsequently entered into such that Carclo now has financing in place until January 2021. The Board believes the revised terms of the extended facilities include covenants and pricing which are appropriate to the current circumstances of the Group.

It was also announced on 22 July that preparation of the results for the 2019 financial year and their audit were well advanced and the Board hoped to be able to complete the required work and announce the results by 31 July 2019, as required under the Listing Rules. However, whilst a substantial part of this work is complete, the Group's continuing discussions regarding a potential sale of the Wipac business, together with the potential implications of the previously reported poor performance of that business, mean additional preparation and audit work are required to be undertaken.

Consequently, the Board now believes the Group and its auditors will not be able to finalise the audit and publish the accounts for the 2019 financial year by 31 July 2019.

A further announcement as to the expected timing for the publication of the Group's results for the 2019 financial year will be made as soon as practicable. 

 

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 

Enquiries:

 

 

 

Carclo plc                                                          01924 268040

 

Mark Rollins - Executive Chairman

Sarah Matthews-DeMers - Finance Director

 

FTI Consulting                                                  020 3727 1340
Nick Hasell / Susanne Yule           

 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Carclo

Price: £0.11

Market: LSE
Market Cap: £7.86 m
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