Last checked at 29 Jul 2010 07:00
7.00 AM
29 July 2010
ACAL plc
("Acal" or "the Group")
First Interim Management Statement
Encouraging start to the year with Electronics orders up 42%
Acal plc, a specialist provider of technology products and services across Europe and South Africa, is today issuing its first Interim Management Statement for the year ending 31 March 2011, which covers the period 1 April 2010 to date. This statement is being issued to the Group's Annual General Meeting which is being held today.
The Board is pleased to report that, since the Group's preliminary results announcement on 2 June 2010, trading has improved further with Group underlying* sales for the first quarter increasing by around 20% year on year and orders, a measure of current demand, increasing by 29%.
The improvements are being driven by the Electronics division, which for the first quarter accounted for around 77% of Group sales, where underlying* sales increased by around 26% and orders by 42% year on year. The integration of BFi Optilas is proceeding to plan and remains on track to be complete by the end of the financial year.
In the non-Electronics businesses, underlying* sales for the quarter increased by 3% on the prior year and order levels were unchanged with margins continuing to be under pressure in the Supply Chain division.
There has been no significant change to the Group's financial position during the period.
There were no material events or transactions that impacted the Group during the period covered by this Interim Management Statement.
Nick Jefferies, Group Chief Executive commented:
"The year has started strongly, with orders and sales growth continuing to be robust. The increase in customer orders in the Electronics division, being 42% ahead of the prior year, is particularly encouraging.
We remain focused on tight operational management and the implementation of the BFi Optilas integration. Whilst we remain cautious as to the sustainability of the recovery into the second half, the Board remains confident that our specialisation strategy will continue to make good progress."
*Underlying is at constant exchange rate, including acquisitions on a like for like basis and excluding a large customer contract in Supply Chain exited at the end of the previous financial year.
For further information:-
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Nick Jefferies ~ Group Chief Executive Simon Gibbins ~ Group Finance Director
Chris Lane / Nicola Krafft ~ Cubitt Consulting |
01483 544500 01483 544500
020 7367 5100
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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 Authority's Disclosure and Transparency Rules.
Notes to Editors:
The Acal Group is a leading technology-based specialist distributor in Europe providing sales, marketing and other services through three Divisions: Electronics, Supply Chain and Medical. The Electronics Division distributes electronic products to industrial manufacturing and design companies. The Supply Chain Division supplies new and refurbished IT, EPOS and ATM spare parts to service providers while the Medical Division supplies advanced medical equipment to public and private healthcare providers. Acal has operating companies in the UK, Netherlands, Belgium, Germany, France, Italy, South Africa, Spain and the Nordic region.