The Wakefield-headquartered company saw its revenue from continuing operations grew strongly by 19.5% to £128.6m (2021: £107.6m), while its pre-tax profits were £5.9m (2021: £6.7m). Underlying operating profit from continuing operations increased by 27.1% to £6.1m (2021: £4.8m).
Executive chair Nick Sanders said: "I am pleased with the progress that Carclo has made again this year. Despite significant headwinds the business has delivered significant revenue and profit growth and at the same time continued to invest in growing capacity to meet the demands of growing markets.
“Although the direct impacts of the pandemic have reduced progressively during the year the secondary impacts of cost inflation, labour shortages and logistics delays impacted the second half of the year. We have countered these effects by improving operational efficiency, passing on cost increases wherever possible and holding more inventory.
“Both divisions have continued to execute on the strategic plans developed in 2021 through targeting organic growth opportunities in their chosen markets and strengthening management teams. This has resulted in a number of new business wins which will contribute to our future revenue and profit growth.
“The management team has continued to work closely with the pension trustees towards the objective of reducing the historic pension deficit and I am pleased to report that the IAS 19 deficit has reduced materially over the last year.”
“The board expects market demand for both the CTP and Aerospace divisions to continue to grow in the next financial year but also that the headwinds that prevailed in the second half will continue during the first half."
