Carclo

CAR · Main Market · Industrial Goods and Services · mcap £29m · 40.0p

Carclo makes precision plastic and metal components, mainly for life sciences and aerospace customers, plus some technical plastics and engineering products. It runs sites in the UK, US, Czech Republic and India.

Target	Promise	Said	Status
2024
26 Oct 2024	Complete US restructuring within six months	26 Apr 2024	✓ Kept
	“We expect to substantially strengthen Carclo's position in the market by completing this restructuring within the next six months” How it developed 26 Apr 2024 Said “We expect to substantially strengthen Carclo's position in the market by completing this restructuring within the next six months” 5 Sep 2024 ✓ Kept “The restructuring of our US operations is progressing ahead of schedule, as highlighted during our full-year results presentation. We have successfully...” Result Sept 2024 update said US restructuring was ahead of schedule; later results show the benefits. “The restructuring of our US operations is progressing ahead of schedule, as highlighted during our full-year results presentation. We have successfully completed final production runs in Tucson and are now fully focused on our operational turnaround strategy at our centralised facility in Pennsylvania.”5 Sep 2024 · Trading Update
2025
FY2025	US restructuring to deliver full-year benefits in FY2025 and beyond	30 Nov 2023	✓ Kept
	“expected to yield significant benefits in FY 2025 and beyond” Also stated 26 Apr 2024 How it developed 30 Nov 2023 Said “A major restructuring plan for the US business is being actioned to reduce expense and to drive operational efficiency with the full year benefit expected...” 26 Apr 2024 Said “expected to yield significant benefits in FY 2025 and beyond” 29 Aug 2025 ✓ Kept “Strategic restructuring of US operations completed, culminating in the successful closure of the Tucson facility and the integration of manufacturing...” Result FY25 underlying operating profit rose 48.5% to £9.8m and return on sales reached 8.1% from 4.9%. “Strategic restructuring of US operations completed, culminating in the successful closure of the Tucson facility and the integration of manufacturing capabilities into Pennsylvania operations”29 Aug 2025 · Full Year 2025 audited results “Underlying operating profit increased substantially to £9.8m (FY24: £6.6m). Our key measure of Return on Sales was 8.1% showing a significant increase from 4.9% in FY24”29 Aug 2025 · Full Year 2025 audited results
Q4 FY25	Complete refinancing of bank debt facilities by Q4 FY25	5 Dec 2024	✓ Kept
	“The refinancing of the Group's debt facilities is expected to complete in Q4 FY25” How it developed 5 Dec 2024 Said “The refinancing of the Group's debt facilities is expected to complete in Q4 FY25” 24 Apr 2025 ✓ Kept “The new facilities with BZ comprise a Term Loan of £27m and a Revolving Credit Facility of £9m, replacing the existing facility.” Result April 2025: £27m term loan and £9m revolving facility secured with BZ Commercial Finance. “The new facilities with BZ comprise a Term Loan of £27m and a Revolving Credit Facility of £9m, replacing the existing facility.”24 Apr 2025 · Refinancing Arrangements, Pension Scheme Valuation
29 Aug 2025	Complete audit and publish 2025 annual report and accounts after temporary suspension from 1 August 2025	10 Jul 2025	✓ Kept
	“Carclo expects that its shares will be temporarily suspended from listing and trading from 1 August 2025 until the audit is completed and the 2025 annual report and accounts are published.” Result Results published 29 August 2025 and the shares were restored to the Official List on 1 September 2025. 1 Sep 2025 · Restoration - Carclo PLC
26 Sep 2025	Announce auditor appointment before the 2025 AGM	10 Jul 2025	✓ Kept
	“An audit tender process is currently underway and we would expect to make an announcement before the 2025 AGM.” How it developed 10 Jul 2025 Said “An audit tender process is currently underway and we would expect to make an announcement before the 2025 AGM.” 17 Sep 2025 ✓ Kept “it is proposed that HaysMac LLP is appointed as the Company's independent auditor for the financial year ending 31 March 2026. The Company announces that it...” Result On 17 September 2025 Forvis Mazars resigned and HaysMac LLP was proposed, before the 26 September AGM. “it is proposed that HaysMac LLP is appointed as the Company's independent auditor for the financial year ending 31 March 2026. The Company announces that it has received a notice of resignation from Forvis Mazars LLP informing the Company that it has resigned from its role as auditor with effect from 16 September 2025.”17 Sep 2025 · Change of Auditor
2025	Appoint a new Chief Financial Officer in 2025	5 Dec 2024	✓ Kept
	“medium-term target of a through-cycle return on capital employed (ROCE) of 25%” Result Ian Tichias appointed CFO from 1 April 2025, replacing retiring Eric Hutchinson. 13 Feb 2025 · CFO Appointment
2026
FY26	Continued margin expansion and positive cash generation through FY26	5 Sep 2024	✓ Kept
	“The Board expects the Group to continue this positive trajectory through FY26 with continued margin expansion and positive cash generation” Also stated 30 Apr 2025 · 29 Aug 2025 How it developed 5 Sep 2024 Said “margin expansion anticipated to continue as the Group starts to see the full benefits” 30 Apr 2025 Said “Further margin enhancement is anticipated as the full benefits of operational optimisation initiatives materialise across all business units.” 29 Aug 2025 Said “The Board expects the Group to continue this positive trajectory through FY26 with continued margin expansion and positive cash generation” 1 Jul 2026 ✓ Kept “Return on Sales increased to 11.0% (FY25: 8.1%), passing the 10% target we set in 2022. Return on Capital Employed reached 29.1% (FY25: 24.4%), passing the...” Result FY26 return on sales rose to 11.0% from 8.1%, and underlying operating profit rose 28.1% to £12.6m. “Return on Sales increased to 11.0% (FY25: 8.1%), passing the 10% target we set in 2022. Return on Capital Employed reached 29.1% (FY25: 24.4%), passing the 25% target set in the same year. Underlying operating profit grew by 28.1% to £12.6m. Positive operating cash generation saw cash generated from operations at £12.0m (FY25: £19.1m).”1 Jul 2026 · Full Year 2026 audited results
second half FY26	D&E revenues to partially recover in the second half, and India shortfall recovered through new business	26 Sep 2025	⏱ Overdue – no update
	“D&E revenues expected to partially recover in the second half and the strong margin performance anticipated to be maintained through the year” How it developed 26 Sep 2025 Said “D&E revenues expected to partially recover in the second half and the strong margin performance anticipated to be maintained through the year” 21 Nov 2025 Said “D&E revenues expected to slightly increase in the second half” Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
FY26 results	Present Precision 2030 growth plan with financial targets at full year results	23 Apr 2026	✓ Kept
	“At our full year results, I will introduce Precision 2030 - our growth plan for the next phase, with clear financial targets out to 2030” Result FY26 results on 1 July 2026 set Precision 2030 targets. 1 Jul 2026 · Full Year 2026 audited results
Today · 20 Oct 2026
2027
FY27	Positive organic revenue growth for FY27, weighted to the second half	1 Jul 2026	… In progress
	“Order activity and new programme launches support positive organic revenue growth for the full year.” Also stated 9 Sep 2026 How it developed 1 Jul 2026 Said “expect trading to be weighted towards the second half and to deliver positive organic revenue growth for the full year” 9 Sep 2026 Said “Order activity and new programme launches support positive organic revenue growth for the full year.” Status so far Not yet due.
Q2 FY27	Working capital outflow to reverse by end of Q2	9 Sep 2026	… In progress
	“The working capital outflow is expected to reverse by the end of Q2” Status so far Not yet due.
2030
2030	Organic revenue growth above 8% a year across the Precision 2030 plan	1 Jul 2026	… In progress
	“Organic revenue growth at a compound annual rate of more than 8% across the plan period” Status so far Not yet due.
2030	Reduce net debt to less than 0.5x by 2030	1 Jul 2026	… In progress
	“Net debt of less than 0.5x” Status so far Not yet due.
2030	New work to deliver minimum 10% ROS and 25% ROCE	1 Jul 2026	… In progress
	“Ensuring new work continues to deliver on our minimum 10% ROS and 25% ROCE targets” Status so far Not yet due.