Plastics manufacturer Carclo has delayed its end of year results after it reached a pension contribution agreement with its scheme's trustees.

The global producer, which makes primarily makes plastics for the medical, automotive lighting and optics markets, said that it reached an agreement with trustees yesterday (21 July), regarding the level of contributions it will pay until January 2021.

However, the group now needs to finalise an agreement with the bank as its current facility is set to run out in March 2020.

In an update issued on the London Stock Exchange today, Carclo said: “This now allows the group to finalise an agreement with the bank regarding the extension of the Group's existing borrowing facilities for the same period.

"The principal terms of the extended facilities have been agreed with the bank and both parties are now working to conclude the formal banking documentation.”

As a result, the manufacturer said it hopes to announce its results, originally due for tomorrow, on the 31 July.

The announcement saw Carclo’s share price increase by 6.85 per cent to 13.65 pence per share.

The group added that it is actively looking to offload its poorly performing Wipac business after incurring significant losses.

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