Acal PLC Trading Update (4909K)
April 17 2015 - 2:00AM
UK Regulatory
TIDMACL
RNS Number : 4909K
Acal PLC
17 April 2015
For Release
7.00am, 17 April 2015
Acal plc
Full Year Trading Update
Acal plc (LSE: ACL, "Acal", the "Company" or the "Group"), a
leading international supplier of customised electronics to
industry, is today issuing its trading update for the year ended 31
March 2015, ahead of the announcement of its full year results on 2
June 2015.
Since the interim management statement on 9 February 2015,
trading has continued as anticipated and accordingly, results for
the year are expected to be in line with management expectations,
despite foreign exchange translation headwinds of c.8% year-on-year
(1) .
Group sales for the year increased by 28% on a reported basis
and by 36% at constant exchange rates(1) ("CER") with second half
Group sales up by 45% CER. On a like-for-like basis excluding
acquisitions(2) , Group sales for the year increased by 3%
comprising sales growth in Custom Distribution of 2% and 9% sales
growth in Design & Manufacturing.
Noratel, acquired in July 2014, is performing well, with sales
for the second half increasing by 7% on its equivalent
pre-acquisition period. Foss, acquired in January 2015, is
integrating quickly into the Group, with sales since acquisition
being in line with our targets.
Nick Jefferies, Group Chief Executive commented:
"The year finished well, with a combination of organic growth
and positive contributions from our recently acquired
businesses.
The acquisitions made during the year, Noratel and Foss, are
settling in well and performing as expected, with cross-selling
programmes underway.
With results for the year expected to be in line with our
expectations and showing strong growth in underlying earnings per
share despite foreign exchange translation headwinds, we remain
focused on delivering further organic growth and value enhancing
acquisitions."
For further information please contact:
Acal plc 01483 544 500
Nick Jefferies - Group Chief Executive
Simon Gibbins - Group Finance Director
Instinctif 020 7457 2020
Mark Garraway
Helen Tarbet
Notes
1. Unless stated otherwise, growth rates refer to the comparable
prior year period. The average sterling rate of exchange has
strengthened 7% against the Euro for the year ended 31 March 2015
compared to the last year (rising from EUR1.186 to EUR1.275) and
strengthened 8% against the NOK since the acquisition of Noratel
(rising from NOK 10.0 on acquisition to NOK 10.79) negatively
affecting reported sales and earnings for this period by around 8%.
The closing GBP/EUR exchange rate on 31 March 2015 was 1.375 which
is a further 8% higher than the average rate for FY15, while the
closing GBP/NOK rate was 11.97 which is a further 11% higher than
the average rate for FY15.
2. Like-for-like growth for the Group is calculated at constant
exchange rates ("CER") excluding this year's acquisitions of
Noratel and Foss (acquired 17 July 2014 and 7 January 2015
respectively) and excluding YEG and RSG which were acquired during
last year.
3. All growth rates are calculated using provisional, unaudited
FY15 data which is subject to change.
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
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