Performance was slightly ahead of expectations although both divisions were lagging behind last year
PLC () said its interim chief financial officer is stepping down from the board while also posting a half-year profit slump.
Matt Durkin-Jones, who joined the board for an initial six-month term last January, will leave the specialist manufacturer on December 17 so a search for his successor is underway.
In a separate statement, the firm posted an 11% decrease in revenue to £49mln while underlying profit before tax slumped 79% to £437,000 for the six months to September 30. Net debt at period-end was £24mln.
Performance was slightly ahead of expectations although both the Technical Plastics and Aerospace divisions were behind those of the prior period due to COVID-19 related disruption to non-medical diagnostics customer demand and business interruption caused by local lockdowns.
The second half is expected to see a marginally stronger underlying operating profit performance, reflecting higher anticipated Technical Plastic product sales from its existing customer base alongside revenues from two new tooling agreements for COVID-19 test components which were entered into during the period with a new medical customer.
This is expected to offset a weaker performance in the Aerospace division during the second half due to lower customer demand.
Shares slipped 15% to 15.05p early on Friday.