High-precision plastics components provider, Carclo, says it has reinforced its financial position to ensure long-term success in its report on its unaudited full year results for the year ended 31 March 2024.

The Ossett-headquartered company has recorded revenue from continuing operations falling by 7.5% (4.5% at constant currency) to £132.7m (FY23: £143.4m).

Underlying operating profit from continuing operations was £6.6m (FY23: £5.9m), while the business also reports a pre-tax loss of £3.8m (FY21: £2.5m loss).

The business’s net debt was £29.5m (FY23: £34.4m), a reduction of £4.9m from the prior year. Carclo says this reflects strong working capital management and an increase in operating performance, placing the firm on a sound footing for the future.

Frank Doorenbosch, chief executive officer, said the business had undergone a lot of change and adaptation in the last year.

He added: “We have faced difficulties, but have also prioritised health and safety, enhanced our financial position, and fortified our position for lasting and stable growth.

“Looking to the future, our strategy will centre on reigniting our innovation engine. We’ll focus on enhancing product development, refining processes, and investing in our talented team.

“The strategic closure of our short-run operations in Derry and the consolidation of assets and talent in Pennsylvania will streamline our operations and drive innovation.

“With a clear vision, a robust strategy, and our commitment to our customers and employees, we are confident in our ability to navigate the challenges ahead and appear as a stronger, more resilient organisation.”

Challenges faced by the company during the year included continued high inflation and interest rates, supply chain disruptions and fluctuating raw material costs.

However, Carclo notes its factory specialisation and standardisation work has led to substantial gains in efficiency and product quality, supported by the integration of advanced manufacturing technologies and targeted workforce training.

The business explains it has successfully reduced “lost time incidents”, and that by mandating the reporting of all incidents, near misses and hazards, it has gained more precise insights into health and safety risks.

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