Proactive Investors - Run By Investors For Investors

Carclo stock plummets amid shake-up, profit warnings

Chairman, CFO departing as plastics maker sees full-year guidance ‘significantly’ below expectations
Empty boardroom
Mark Rollins tapped to replace Chairman Michael Derbyshire

Shares of Carclo PLC (LON:CAR) lost nearly half their value Monday morning after the plastics maker issued multiple profit warnings and announced the departures of key executives, including the chairman.

Investors sent shares about 47% lower to £66.30 on news that the group faced unexpected delays securing big contracts in its Technical Plastics and Wipac units that would negatively affect results.

The board said it now expects to miss second-half guidance and anticipates full-year profits for the year ending March 31 to be “significantly” below guidance due to the setbacks, though the board did say that it still expects healthy year-on-year growth.

The company also noted that its medium-term outlook remains positive on the strength of its LED Technologies business.

Chairman, CFO to step down

The company also announced that chairman Michael Derbyshire will retire in July after nearly six years and 12 years as non-executive director.

Mark Rollins, who joined the board as non-executive director in January, has been named Derbyshire’s successor.

Also departing is finance director Robert Brooksbank, who will leave March 31 after 14 years with the company. Financial Controller Richard Ottaway will act as interim chief financial officer until a permanent successor is found, the company said.

View full CAR profile View Profile

Carclo Timeline

May 16 2016

Related Articles

Atlas Engineered worker
June 05 2019
The company specialises in the manufacture and supply of roof trusses and wood products
broken cell phones
October 03 2018
Mineworx Technologies offers a cost-effective, environmentally friendly alternative in extracting precious metals for the mining and E-waste sectors

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use