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Carclo warns on profits; CEO resigns to take up reins at struggling LED Technologies Division

Friday, 11th January 2019
Carclo warned Friday it expected full-year results to be 'significantly' below its previous expectations as its struggles to meet customer demand worsened in the third quarter of the year.

The company also said that Chris Malley resigned as Group Chief Executive to 'focus all his efforts on this task and to take on the role of LED Technologies Divisional Chief Executive with immediate effect.'

Wipac, the main operating business in the Group's LED Technologies Division, struggles to meet customer requirements for a large number of low-volume automotive lighting programmes worsened in the third quarter as 'the short term operational 'growing pains' continued longer than we had anticipated as demand grew,' the company said.

This had led to adverse operational variances, expedited freight deliveries and poor customer service leading to additional unplanned costs and, very recently, to delays in new programme awards, weighing down profit recognition.

The company said it progress was being made in reducing the customer order backlog through but expected this development process would take some time to complete.

But the loss of profit recognition on the delayed new programme awards, was expected to hurt performance of the LED Technologies Division, which was now expected to report profits significantly short of previous expectations for the current financial year.


At 8:37am: (LON:CAR) Carclo PLC share price was -27.4p at 53.6p



Story provided by StockMarketWire.com

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