Acal PLC Trading Statement (1795F)
July 26 2016 - 1:00AM
UK Regulatory
TIDMACL
RNS Number : 1795F
Acal PLC
26 July 2016
For Release
7.00am, 26 July 2016
Acal plc
First Quarter Trading Update
Acal plc (LSE: ACL, "Acal" or the "Group"), a leading
international supplier of customised electronics to industry, today
issues a trading update for the first quarter of the financial year
ending 31 March 2017, covering the period from 1 April 2016 to 30
June 2016.
First quarter Group profits were in line with our expectations
and our outlook for the year is unchanged.
As noted at the time of the results in June, sales were slower,
with gross margins higher than last financial year. Since the end
of the quarter, orders to date in July have been ahead of last year
with a positive book to bill ratio.
We continue to keep a tight control on costs and are taking
further actions to improve efficiency across the Group by closing
three Nordic manufacturing facilities and transferring production
into existing lower cost facilities elsewhere in the Group, and by
reducing operating costs.
With 80% of Group revenue derived outside the UK, we expect to
benefit from the translation impact of Sterling's recent
depreciation(1) more than offsetting the impact of foreign exchange
movements on UK imports, assuming current rates persist.
We design, manufacture and supply essential technologies to
growth markets which have excellent potential. Whilst it is too
early to know the impact of the Brexit vote, with our
differentiated market position, we expect to make further progress
during the year.
For further information, please contact:
Acal plc 01483 544 500
Nick Jefferies - Group Chief Executive
Simon Gibbins - Group Finance Director
Instinctif Partners 0207 457 2020
Helen Tarbet
James Gray
Notes
1. Sterling weakened 7% against the Euro for the 3 months ended
30 June 2016 (Q1 17 average GBP/EUR rate: 1.274) compared with the
average rate for last year (FY16 average GBP/EUR rate: 1.367) and
weakened 6% against Nordic currencies on average. Using month end
rates for June 2016 (GBP/EUR rate:1.210), Sterling had weakened 11%
compared with the average rate for last year and 10% against Nordic
currencies on average.
2. The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation. Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain.
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 and is listed on the London Stock Exchange
(LSE: ACL).
Acal has two divisions: Design & Manufacturing and Custom
Distribution. The majority of its sales comes from products and
solutions which are created specifically for a customer. Acal works
across a range of technologies, namely Communications &
Sensors, Power & Magnetics, Electromechanical & Shielding,
Embedded Systems, and Photonics & Imaging.
Acal operates through the following wholly-owned businesses:
Acal BFi, Contour, Flux, Foss, Hectronic, MTC, Myrra, Noratel,
Plitron, RSG, Stortech 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,
Slovakia and Spain, 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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July 26, 2016 02:00 ET (06:00 GMT)