TIDMACL
RNS Number : 2129W
Acal PLC
24 July 2009
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FOR RELEASE 7:00AM 24 JULY 2009
ACAL plc
Interim Management Statement
Period commencing 1 April 2009
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| Acal plc is today issuing its Interim Management Statement which covers the |
| period commencing 1 April 2009 to date and includes the quarter ended 30 June |
| 2009. |
| Since our preliminary results announcement, market conditions have remained |
| difficult, with limited visibility. However, we have seen a stabilisation of |
| orders received and an improvement in gross margins in the electronics division. |
| We expect this to lead to a stabilisation in revenues after the summer period. |
| Purchasing Manager Indices are showing some improvement, albeit from a low |
| level, which supports this view. |
| Since the acquisition of Service Source Europe in January, and despite similar |
| revenue pressures, the Supply Chain division has made significant progress; |
| losses on a major contract have been eliminated and back office systems have |
| been integrated with significant cost reductions being realised. |
| Whilst the performance for the first half year will reflect the difficult market |
| conditions, we expect to see improvements in performance in the second half as |
| cost reductions and business improvements take effect. |
| We continue to focus on implementing the specialisation strategy set out in our |
| preliminary results, and managing our cost base and working capital.We retain a |
| significant net cash balance, which positions us well for future opportunities. |
| Material transactions in the quarter were: |
| On 9 April 2009, we acquired the remaining 25% of the share capital of Service |
| Source Europe Limited for a consideration of GBP1 million. |
| On 22 May 2009, we completed the disposal of a vacant property in Leicester for |
| a consideration of GBP1.18 million. This will result in an exceptional profit of |
| GBP250,000. |
| |
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Enquiries
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| Acal plc | 01483 544500 |
| Nick Jefferies Chief Executive | 01483 544500 |
| Malcolm Cooper Finance Director | 020 7367 5100 |
| Cubitt Consulting | 07802 724400 |
| Brian Coleman-Smith | |
| James Verstringhe | |
| Nicola Krafft | |
| | |
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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 Authoritys 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
Acals ability to
control or estimate precisely and include both economic
and business risk factors, underlying such
forward looking information.
Notes to Editors
Acal is a specialist provider of technology products and services with three
divisions: Electronics, Supply Chain and Medical. Acal has 17 principal trading
companies of which 8 are in mainland Europe, 8 in the United Kingdom and one in
South Africa. The Group employed on average 736 people during 2008/9.
This information is provided by RNS
The company news service from the London Stock Exchange
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