Acal PLC Trading Update (6529C)
19 April 2017 - 7:00AM
UK Regulatory
TIDMACL
RNS Number : 6529C
Acal PLC
19 April 2017
For Release
7.00am, 19 April 2017
Acal plc
Trading Update
Acal plc (LSE: ACL, the "Group"), a leading international
supplier of customised electronics to industry, today issues its
trading update for the final quarter of the year ended 31 March
2017, ahead of the announcement of its full year results on 6 June
2017.
Trading since our update on 20 January 2017 has been very good
and results for the full year are anticipated to be slightly ahead
of our expectations.
Final quarter revenue for the Group was 15% ahead of last year
at constant exchange rates(2) ("CER") and ahead 11% organically(3)
. In the Design & Manufacturing division, revenue grew 8%
organically, and in the Custom Distribution division, revenue grew
14% organically.
As expected, the Group performed more strongly in the second
half with revenue increasing by 11% CER year-on-year, and by 6%
organically.
Order intake for the final quarter was also strong, growing by
16% CER and 13% organically, with similar growth rates in both
divisions. Consequently, the Group's forward order book has grown
to a record year end high, and positions us well for further
growth.
Variohm, which was acquired in January, is performing well and
cross-selling initiatives are underway.
Cash generation has been good in the final quarter and the
Group's gearing ratio(4) reduced below 1.5 times at 31 March 2017
from 1.9 times at 31 December 2016.
For further information please contact:
Acal plc 01483 544 500
Nick Jefferies - Group Chief Executive
Simon Gibbins - Group Finance Director
Instinctif Partners 020 7457 2020
Mark Garraway
Helen Tarbet
James Gray
Notes
This trading update 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 update.
Forward-looking statements should be regarded with caution because
of the inherent uncertainties in economic trends and business
risks.
1. Growth rates refer to the comparable prior year period unless
stated. All growth rates are calculated using provisional,
unaudited FY17 data which is subject to change.
2. Growth rates at constant exchange rates ("CER"). The average
sterling rate of exchange weakened 13% against the Euro compared
with the average rate for last year (falling from EUR1.367 to
EUR1.192), weakened 13% against the US Dollar and weakened 12%
against Nordic currencies on average.
3. Organic growth for the Group is calculated at CER, including
the equivalent pre-acquisition periods of Flux, Contour, and
Plitron which were acquired last financial year (on 5 November
2015, 7 January 2016 and 1 February 2016 respectively), and Variohm
which was acquired on 20 January 2017, and excluding the sales from
Acal BFi Spain which was closed in December 2016.
4. Group gearing is defined as net debt divided by underlying
EBITDA, annualised for acquisitions.
Notes to Editors:
About Acal plc
Acal is a leading international supplier of customised
electronics to industry. It designs, manufactures and distributes
customer-specific electronic products and solutions to 25,000
industrial manufacturers. Acal is listed on the London Stock
Exchange (LSE: ACL).
Acal has two divisions: Design & Manufacturing and Custom
Distribution. The majority of its sales come from products and
solutions which are created specifically for a customer. Acal works
across a range of technologies, namely Communications &
Sensors, Power & Magnetics, Electromechanical & Cabling,
Microsystems, and Imaging & Photonics.
Acal operates through the following wholly-owned businesses:
Acal BFi, Contour, Flux, Foss, Hectronic, MTC, Myrra, Noratel,
Plitron, RSG, Stortech, Variohm 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 and Slovakia as well as in Asia (China, India, South
Korea, Sri Lanka and Thailand), North America (the US and Canada)
and South Africa.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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