olivLaw · European equity research
Carclo plc CAR.L
United Kingdom · London Stock Exchange · ISIN GB0001751915 · Vertical: Listed companies from United Kingdom
Carclo plc is a UK maker of technical plastic and metal components for medical, electronics and aerospace customers, operating through a CTP division and a Speciality division. In fiscal 2026 revenue fell, yet underlying operating profit rose to about 12.6 million GBP and the ROS margin climbed to 11.0%, relevant amid cost pressures and a balance sheet still burdened by debt and pensions.
At the close of 05 Nov 2026, Carclo plc (CAR.L) stock was 0.40 GBP (−0.37% on the day), with market capitalisation 29.2 m GBP, P/E 11.1 on diluted EPS of 0.04 GBP over the last 12 months, beta -34.02, 52-week range 0.31–0.70 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.0
- strong (55–70)
- Bollinger (20, 2)
- 0.38 – 0.42
- in the upper half of the band · %B 0.58 · band width 10.0%
- SMA 50 / 200
- 0.38 / 0.41
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.4% | −0.6% | +12.0 pp | — |
| 3 months | +4.7% | −4.2% | +8.9 pp | — |
| 6 months | +0.2% | +4.3% | −4.1 pp | — |
| Year to date | −21.4% | +7.5% | −28.9 pp | — |
| 1 year | −41.0% | +9.9% | −50.9 pp | +5.8% |
| 3 years | +295.1% | +49.8% | +245.2 pp | +26.3% |
| 5 years | −6.7% | +42.8% | −49.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 12.3, median 16.0, max 19.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 132.7 m | 121.2 m | 114.2 m |
| Revenue YoY | unavailable | −8.6% | −5.8% |
| Net income | -3.4 m | 872.0 k | 2.7 m |
| Net income YoY | unavailable | unavailable | +209.1% |
| Diluted EPS | -0.05 | 0.01 | 0.04 |
| Diluted EPS YoY | unavailable | unavailable | +200.0% |
| net % | -2.6% | 0.7% | 2.4% |
| Free cash flow | 7.4 m | 10.4 m | 1.6 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 5.8 m GBP
- Financial debt
- 29.7 m GBP
- Net debt
- 23.9 m GBP
- Equity
- -8.7 m GBP
- Total assets
- 92.4 m GBP
- Debt / equity
- unavailable
- Current ratio
- 1.33x
- ROE
- unavailable
- ROA
- 2.8%
- FCF margin
- 1.4%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 132.7 m | 121.2 m | 114.2 m | esef· 21 Jul 2026verified |
| Operating income | 1.7 m | 7.6 m | 12.3 m | esef· 21 Jul 2026verified |
| Interest expense | 6.0 m | 5.5 m | 7.5 m | esef· 21 Jul 2026verified |
| Pre-tax income | -3.9 m | 2.7 m | 4.8 m | esef· 21 Jul 2026verified |
| Income tax | -498.0 k | 1.8 m | 2.1 m | esef· 21 Jul 2026verified |
| Net income | -3.4 m | 872.0 k | 2.7 m | esef· 21 Jul 2026verified |
| Diluted EPS | -0.05 | 0.01 | 0.04 | esef· 21 Jul 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.5 m | 10.7 m | 5.8 m | esef· 21 Jul 2026verified |
| Receivables | 18.8 m | 15.7 m | 18.3 m | esef· 21 Jul 2026verified |
| Inventories | 11.3 m | 9.9 m | 11.0 m | esef· 21 Jul 2026verified |
| Current assets | 42.3 m | 38.0 m | 36.9 m | esef· 21 Jul 2026verified |
| Property, plant & equipment, net | 40.4 m | 35.8 m | 32.2 m | esef· 21 Jul 2026verified |
| Total assets | 105.7 m | 97.0 m | 92.4 m | esef· 21 Jul 2026verified |
| Short-term debt | 11.2 m | 24.8 m | 7.6 m | esef· 21 Jul 2026verified |
| Long-term debt | 28.7 m | 5.1 m | 22.1 m | esef· 21 Jul 2026verified |
| Current liabilities | 33.0 m | 48.0 m | 27.7 m | esef· 21 Jul 2026verified |
| Total liabilities | 102.7 m | 108.9 m | 101.0 m | esef· 21 Jul 2026verified |
| Equity | 3.1 m | -11.8 m | -8.7 m | esef· 21 Jul 2026verified |
| Shares outstanding at year end | 73.7 m | 72.7 m | 72.8 m | esef· 21 Jul 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 10.4 m | 11.5 m | 4.1 m | esef· 21 Jul 2026verified |
| Capex | 2.9 m | 1.1 m | 2.5 m | esef· 21 Jul 2026verified |
| Free cash flow | 7.4 m ≈ | 10.4 m ≈ | 1.6 m ≈ | esef· 21 Jul 2026derived |
| Investing cash flow | -2.4 m | -447.0 k | -2.8 m | esef· 21 Jul 2026verified |
| Financing cash flow | -12.1 m | -7.0 m | -5.6 m | esef· 21 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 29.2 m GBP
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.4% | 26 (vs peers) | 15% |
| FCF conversion · Quality | 60.2% | 43 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.6x | 2 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.3x | 44 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 11.1x | 78 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.6% | 69 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality34/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation74/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CARCLO PLC (CAR.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 114.2 m GBP in 2026; YoY growth -5.8%; net margin 2.4%.
The estimated value range is 0.54–0.99 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.72 GBP, the price of 0.40 GBP leaves a potential of 78.9% (value / price − 1) and a margin of safety of 44.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 11.1x
- The price is below the estimated value range
What contradicts it
- Net margin: 2.4%
- Interest coverage: 1.6x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| CAR.LCarclo PLC | 29.2 m | 11.1 | — | 2.4% | −5.8% | −26% / +326% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for CAR.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.22 Total return -45% · Per year -45% | 0.39 Total return -2% · Per year -2% | 0.59 Total return 48% · Per year 48% |
| 3 years | 0.17 Total return -56% · Per year -24% | 0.35 Total return -12% · Per year -4% | 0.59 Total return 48% · Per year 14% |
| 5 years | 0.14 Total return -65% · Per year -19% | 0.32 Total return -20% · Per year -4% | 0.59 Total return 48% · Per year 8% |
- Exit P/E± 0.09
- Net margin± 0.06
- Annual revenue growth± 0.06
- Annual dilution± 0.01
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Carclo plc is a UK maker of technical plastic and metal components for medical, electronics and aerospace customers, operating through a CTP division and a Speciality division. In fiscal 2026 revenue fell, yet underlying operating profit rose to about 12.6 million GBP 1 and the ROS margin climbed to 11.0% 1, relevant amid cost pressures and a balance sheet still burdened by debt and pensions.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Customer concentrationhigh
A large share of revenue comes from a few customers, and losing one could materially affect results 1.
- Pensionshigh
The UK defined benefit scheme deficit could require additional contributions if performance weakens 1.
- Liquidity and refinancingmedium
Net debt has increased, and the main borrowing facility runs to April 2028 1.
- Operational executionmedium
Managing a multi-site manufacturing business requires constant discipline, and lapses could affect quality and costs 1.
- IT and cybersecuritymedium
The IT transformation programme and cyber threats could cause outages or data loss 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Evolution of D&E revenue and conversion of projects into production contracts2027
- Outcome of the insurance recovery claims assessmentQ2 2027
- Level of net debt and working capitalnext 10-K
- Progress of ROS toward the 10% medium-term target2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Carclo plc designs and manufactures technical components and engineering solutions for customers in regulated industries, notably medical, electronics and aerospace 1. The business is organised in two divisions: CTP (Carclo Technical Plastics), with design and engineering (D&E) and manufacturing solutions (MS), and Speciality, focused on aerospace and precision machining 1. Group revenue in fiscal 2026 was 114.2 million GBP 1.
Market context
The company operates in regulated markets where quality requirements, such as ISO 13485 certification, limit competition and support long-standing customer relationships 1. The top five customers account for 70% of revenue, with average tenure of 23 years 1. Exposure to US trade measures and input cost inflation is significant 1.
Trends
- Improving operating marginstailwind
Process optimisation, asset utilisation and pricing initiatives lifted ROS from 8.1% to 11.0% 1. If this trend holds, it could support profitability even at lower revenue.
- Volatility of D&E projectsmixed
Project revenue is lumpy, and US activity fell after major customer investments concluded 1. Management expects most of the 193 projects worked on to convert into production contracts 1.
- Tariffs and geopolitical tensionheadwind
Escalating trade tariffs and regional conflicts have increased cost and supply chain risk, which the board now assesses as higher than in the prior year 1.
- Refinancing and lower finance costsmixed
The April 2025 refinancing reduced refinancing costs and central costs fell 1. However, net debt rose, limiting financial flexibility 1.
Competitive position
Carclo operates in technical components and precision manufacturing, where competition comes from global technical plastics producers and aerospace component manufacturers. The company's advantage rests on long-standing customer relationships and quality certifications 1. The sources provided do not name specific competitors.
- Global technical plastics producers
Competition in medical and electronics components; sources do not name a specific firm.
- Aerospace component manufacturers
Competition in the Speciality segment; sources do not name a specific firm.
- Precision machining suppliers
Competition in machining markets; sources do not name a specific firm.
- Medical device manufacturers
Customers and potential alternative suppliers; sources do not name specific firms.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202621 Jul 2026
- Annual report 202502 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Carclo plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.