Carclo (CAR)

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Carclo CAR Logo

The global manufacturing group.

14-Nov-2017 – 140.75p – £102.1m – PER 9.72

Half Year Results For The 6 Months To End September 2017 – A “solid first half performance” and the Board anticipates the full year to be in-line with its expectations – On track to grow substantially over the medium term. Well, Revenue is up nicely, about 10% – But PBT is down about 7% with EPS down almost 20%.

Just can’t find myself interested here.

Subsequent Note: There’s Net Debt £29.6m and a Pension Deficit of £24.8m.

15-Jan-2018 – 125p – £91.6m – PER 8.51

Trading Update and Board Changes – Double Ouch! Results will be significantly lower than previously planned and the FD has been replaced.

The Net Debt is 30% of Mkt Cap, could be trouble ahead here – It’s going on my Avoid list.

Subsequent Note: Don’t forget that Pension Deficit of £24.8m too!

9-Apr-2018 – 88p – £65.2m – PER 8.01

Trading Update For The 12 Months To End March 2018 – In-line with levels reported in January 2018.

This remains on my Avoid list.

5-Jun-2018 – 90p – £66.0m – PER 8.09

Preliminary Results For The 12 Months To End March 2018 –  Revenue up 5.7% to £146.2m and Underlying PBT tax of £9.1 million (2017 – £11.0 million).

With little mention of outlook here I am keeping this on my Avoid list for now.

19-Jul-2018 – 106.5p – £78.1m – PER 9.09

AGM Trading Update – In-line.

The poor growth outlook, Debt and Pension Deficit leave this on my Avoid list.

12-Oct-2018 – 86p – £63.1m – PER 7.19

Trading Update – H1 below the Board’s expectations but FY expectations are unchanged (H2 weighting!!!!!).

I am leaving this one on my Avoid list for now.

13-Nov-2018 – 80p – £58.4m – PER 6.6

Results For The 6 Months To End September 2018 – Revenue down -1%, Underlying PBT down -22%, FY still to be in-line and on track to grow substantially over the medium term.

I cannot change my view based on this update – This remains on my Avoid list for now.

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