LONDON (Thomson Financial) - Acal Plc. said its CEO is stepping down with
immediate effect, all talks which could have led to an offer being made for the
company have been terminated, and sales for the quarter were flat year-on-year
in increasingly challenging market conditions.
Tony Laughton is stepping down as chief executive and a member of the board,
and chairman Richard Moon will assume certain executive responsibilities while
the search for a replacement begins, Acal said.
Trading conditions in its markets are increasingly challenging due to the
continuing global economic uncertainty, and overall sales in the quarter ended
June 30, 2008 were at a level similar to that in the corresponding period in the
previous year.
Profitability of the Electronics division in the quarter has held up as
compared to the corresponding quarter in the previous year, whilst that of the
Parts Services division was significantly impacted by weaker margins and initial
costs relating to a new contract which commenced in May 2008, the group said.
TFN.newsdesk@thomson.com
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