Acal PLC Interim Management Statement (3427E)
February 09 2015 - 2:00AM
UK Regulatory
TIDMACL
RNS Number : 3427E
Acal PLC
09 February 2015
For Release
7.00am, 9 February 2015
Acal plc
Interim Management Statement
Acal plc (LSE: ACL, "Acal" or "the Group"), a leading
international supplier of customised electronics to industry, is
today issuing its second interim management statement for the year
ending 31 March 2015, which covers the period 1 October 2014 to
date.
Group reported sales for the period increased by over 30% and by
over 40% at constant exchange rates(1) ("CER"). On a like-for-like
basis(2) , underlying growth rates in Custom Distribution and in
Design & Manufacturing are consistent with those of the first
half.
Acal BFi's website is making good progress with web generated
new business almost doubling in the third quarter when compared
with the first half of the year. Additionally, cumulative user
registrations have increased by 28% since September.
Our cross-selling activities have identified a range of
opportunities around the wider Group and continue to develop
positively. Whilst levels are still relatively small, the trends
are encouraging with third quarter orders between group companies
having grown by over 30% compared with average levels for the first
half.
Noratel, which was acquired on 17 July 2014, is performing well.
Orders grew by 6%, whilst sales were in line with last year's
pre-acquisition period (both on a CER basis). In addition to
cross-selling activities, the operational efficiencies previously
identified are in the process of being implemented.
Foss, which was acquired on 7 January 2015 for an initial
consideration of GBP10.1m, has made a good start. The acquisition
was funded through Acal's existing debt facilities and resulted in
a Group gearing ratio(3) of 1.6 at the end of January 2015.
Nick Jefferies, Group Chief Executive, commented:
"The second half of the year is progressing well. Organic
trading is performing as expected, as are the recent acquisitions,
which are generating new sales opportunities and further
operational efficiencies around the Group. With a continuing robust
order book in excess of GBP80m, we remain on track to deliver
strong growth in underlying earnings per share for the year in line
with our expectations, despite the economic conditions."
For further information please contact:
Acal plc
Nick Jefferies - Group Chief Executive
Simon Gibbins - Group Finance Director
01483 544 500
Peel Hunt (Corporate Broker)
Justin Jones
Mike Bell 020 7418 8900
Instinctif
Mark Garraway
Helen Tarbet 020 7457 2020
Notes
1. Unless stated, growth rates refer to the comparable prior
year period. The average sterling rate of exchange has strengthened
7% against the Euro for the 4 months ended 31 January 2015 compared
to the same period last year (rising from EUR1.19 to EUR1.27)
negatively affecting reported sales and earnings for this period by
around 7%.
2. Like-for-like growth for the Group is calculated at constant
exchange rates excluding this year's acquisitions of Noratel and
Foss, and excluding YEG and RSG which were acquired during last
year.
3. The Group gearing ratio is defined as net debt at 31 January
2015 over underlying EBITDA for the 12 months ended 31 January 2015
(adjusted for a full year's inclusion of the underlying EBITDA of
acquisitions).
4. This interim management statement is based upon unaudited
management accounts and has been prepared solely to provide
additional information on trading to the shareholders of Acal plc.
It should not be relied on by any other party for other purposes.
Certain statements made in this update are forward-looking
statements. Such statements have been made by the Directors in good
faith using information available up until the date that they
approved this Statement. Forward-looking statements should be
regarded with caution because of the inherent uncertainties in
economic trends and business risks.
Notes to Editors:
About Acal plc
Acal is a leading supplier of customised electronics to
industry. It designs, manufactures and distributes
customer-specific electronic products and solutions to 20,000
industrial manufacturers and is listed on the London Stock Exchange
(LSE: ACL).
Acal has two divisions: Custom Distribution and Design &
Manufacturing. The majority of its sales comes from products and
solutions which are either created uniquely for a customer or
sourced exclusively. Acal works across a range of technologies,
namely Communications & Sensors, Electromechanical, Imaging
& Photonics, Microsystems & Displays, and Power &
Magnetics.
Acal operates through the following wholly-owned businesses:
Acal BFi, Foss, Hectronic, MTC, Myrra, Noratel, RSG, Stortech and
Vertec. It has operating companies and manufacturing facilities in
a number of markets, including the UK, Germany, France, the Nordic
region, Benelux, Italy, Poland, Slovakia and Spain, as well as in
Asia (China, India, Sri Lanka and South Korea), the US and South
Africa.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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