RNS Number : 7891Z
Acal PLC
24 July 2008
FOR RELEASE 11:00AM 24 JULY 2008
ACAL plc
(Leading pan-European, value-added technology based distributor
providing specialist design-in, sales and marketing services)
INTERIM MANAGEMENT STATEMENT
PERIOD COMMENCING 1 APRIL 2008
Acal plc is today issuing its Interim Management Statement which covers the period
commencing 1 April 2008 to date and includes trading
during the quarter ended 30 June 2008.
Current Trading
As global economic uncertainty has continued, trading conditions in our markets are
increasingly challenging. Overall Acal's sales in
the quarter ended 30 June 2008 were at a level similar to that in the corresponding period in
the previous year. Profitability of the
Electronics division in this 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.
Our core businesses of Electronics and Parts Services continue to have opportunities to
grow, organically by increasing market share and
by acquisition.
In the near-term the current economic uncertainty is likely to continue to affect trading
conditions in our markets. However we have
substantial cash resources and therefore in the longer term we are well placed to take
advantage of opportunities to grow and develop the
business.
There have been no material events or transactions affecting the Group during the period
covered by this Interim Management Statement.
Review of Strategic Options
On 12 May 2008 we wrote to Acal's shareholders with a copy of an announcement about our
review of the strategic options available for
the development of the Company's business. The Board announces that all discussions which
could have led to an offer being made for the
company have been terminated.
The Board will continue to assess how best to take the business forward. This assessment
will consider how to utilise the Group's strong
balance sheet position for the development of the group.
Management
The Board of ACAL announces that Tony Laughton, who has been Chief Executive since 2001,
is stepping down as Chief Executive and a
member of the Board with immediate effect.
A search for his replacement is commencing and in the interim Richard Moon, Chairman of
ACAL, will assume certain executive
responsibilities in order to assist with running the business.
Acal plc's Annual General Meeting is taking place today.
For further information:-
Richard Moon ~ Chairman 01483 544500
Jim Virdee ~ Finance Director 01483 544500
Brian Coleman-Smith/James Verstringhe/Nicola
Krafft
Cubitt Consulting 020 7367 5100
Notes to the Interim Management Statement
(a) This Interim Management Statement has been prepared solely to provide additional
information to the
shareholders of Acal plc, as a body, in order to meet the requirements of the UK
Listing Authority's
Disclosure and Transparency Rules.
(b) The Interim Management Statement may contain forward-looking statements which:
* have been made by the directors in good faith based on the information available to
them up to the time of their approval of this
statement; and
* should be treated with caution due to inherent uncertainties, which are beyond
Acal's ability to control or estimate precisely and
include both economic and business risk factors, underlying such forward looking information.
Notes to Editors:
1. The Acal Group is a leading European technology based distributor providing
specialist design-in,
sales, marketing and other services through two divisions: Electronics and Parts
Services. Its value-added
philosophy and geographic coverage enables Acal to provide specialist knowledge and
support to
customers on a pan-European basis.
2. Acal has operating companies in the UK, Netherlands, Belgium, Germany, France, Italy,
Spain and
Scandinavia. Westech Electronics, an associated company, is based in Singapore and
covers the Far East
region.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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