Carclo's H1 results showed the underlying strength of its core business and the analyst presentation was confident in tone. The loss of the VW Phaeton programme is a frustrating bump on the road, but LED Technologies remains firmly on track with strong revenue growth and the significant win of a new manufacturer. Technical Plastics is performing well, with the new Chinese facilities due to start manufacturing in January 2016. These are quality businesses with strong long-term stories, but Carclo’s earnings multiples relative to established small-cap growth stories with similar dynamics have yet to fully reflect this.