LONDON (ShareCast) - Shares of technology-led plastics group Carclo fell after it reported a drop in full year revenue following the previous year's withdrawal from its volume automotive antenna business at Wipac.

Revenue fell by 7.2% to £86.5m for the year ended March 31st 2013 while divisional operating profit declined to £7.7m from £8.0m in 2012. Underlying operating profit from continuing operations dropped to £6.2m from £6.6m, in line with company expectations.

Carclo said net debt reduced from £18.0m to £9.2m in the year following the equity fund raising and receipt of the $10.0m prepayment from Atmel.

Commenting on the results, Chairman Michael Derbyshire said the company made encouraging strategic progress during the year.

"With a newly constituted board in place, CIT set to contribute substantially and the core businesses in good shape, we are confident that the group will make significant progress in the coming year."

The total dividend has been increased by 6.3% to 2.55p per share.

Shares of Carclo fell 4.36% to 373.00p at 11:50 in London.



CJ

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