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Carclo directors depart alongside double profit warning
Shares in plastic components supplier Carclo tanked on Monday morning, as the West Yorkshire-based firm announced that its chairman and finance director had stood down after issuing a profit warning for last year and this.
Carclo said performance in its current financial year would likely be "significantly lower than previously planned", as would profits for the 2018-19 trading period, due to a lower than anticipated order level from key clients and delays in several major contracts.
The group said it will begin a "fundamental and urgent review of operating efficiencies and margins" in its technical plastics wing as part of an effort to take emphasis away from winning new business and strengthen the profitability of existing contracts.
Carclo said otherwise its "financing remains healthy and it continues to operate within its banking covenants".
Carclo also announced that finance director Robert Brooksbank would be stepping down from the company in March, and would be followed by chairman Michael Derbyshire in July.
As of 1620 GMT, Carclo had continued its recent decent, diving 34.28% to 82.15p.