LONDON (Alliance News) - Acal PLC Tuesday expressed confidence for further growth on a strong order book and improving market conditions, as it posted a small rise in pretax profit for its recently ended financial year.
The electronics supplier proposed a final dividend of 5.4 pence, taking its total dividend for the year to 7.6 pence, up 12% from 6.8 pence a year before. The company said the increase in dividend was in light of its strong underlying profit performance.
For the year to end-March, Acal posted a pretax profit of GBP4.3 million, up from GBP4.2 million a year before, as a rise in revenue to GBP271.1 million from GBP211.6 million was offset by exceptional costs related to restructuring and acquisition costs. Stripping out acquisition, restructuring and integration costs the company's operating profit rose to GBP13.4 million from GBP6.3 million.
Revenue growth was boosted by acquisitions it made during the last two years, although the strength of sterling against the euro and nordic currencies results in an 8% reduction in revenue.
"The new financial year has started in line with our expectations. We are well positioned for further growth with a strong order book and market conditions that are expected to continue improving. Additionally, we are developing several acquisition opportunities and have funding resources available," said Chief Executive Nick Jefferies in a statement.
Shares in Acal are trading up 0.2% at 299.51 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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