Interim Management Statement

RNS Number : 5942A

Acal PLC

03 February 2011

 



For Release

7.00am, 3 February 2011

Acal plc

Trading Update and Second Interim Management Statement

Continuing strong growth with Group sales up 17%

Acal plc (LSE : ACL, "The Group"), the pan European specialist provider of technology products and services, is today issuing its second Interim Management Statement for the year ending 31 March 2011, which covers the period 1 October 2010 to date.

The Board is pleased to report that, since the half year results for the period ended 30 September 2010, trading has remained strong with Group like for like sales¹ increasing by 17% year on year.

Group sales continue to be driven by strong growth in the Electronics order book. The Electronics division (which accounts for approximately 76% of Group sales) reported an increase in like for like sales¹ since 1 October 2010 of 23%.

The integration of BFi Optilas into the Group was completed successfully this quarter. During October 2010, operations were moved onto one common IT platform while in December 2010, our European warehouses were reduced from three to two.

In the non-Electronics businesses, total like for like sales¹ since 1 October 2010 were at the same level as last year.

Outlook

Assuming no deterioration from current levels, we expect full year results to be ahead of our previous expectations.

Disposal of ATM Parts

On 13 October 2010, the Company completed the sale of its loss making subsidiary, ATM Parts Company Limited ("ATM Parts") for a cash consideration of £0.7 million.

Acquisition of Compotron

On 12 January 2011, the Company acquired CompoTRON GmbH ("Compotron"), a specialist provider of electronic communication components, for an up front cash consideration of €6.8m (£5.7m). Additional deferred cash consideration of up to €1.7m (£1.4m) will be payable in January 2013 subject to performance targets. For the year ended 31 December 2009, Compotron reported sales of €7.3m (£6.1m) and a pre tax profit of €1.0m (£0.8m). Sales for the year ended 31 December 2010 were approximately €10m (£8.3m). The acquisition is expected to be earnings enhancing on an underlying profits basis for this financial year.

Nick Jefferies, Group Chief Executive commented:

"We continue to see strong trading conditions in the Electronics Division across the UK and Europe. With the order book continuing to grow, Electronics sales increased by 23% since the end of the first half and Group sales were up 17%.

The integration of BFi Optilas has gone well, being delivered as planned. With the recent acquisition of Compotron and the disposal of ATM Parts, we continue to focus on enhancing our position as the leading specialist distributor in Europe.

The Board remains confident that our strategy for growth both organically and by further targeted acquisitions will continue to build long term value for shareholders."

For further information please contact:

Acal plc                              Nick Jefferies          -    Group Chief Executive   Simon Gibbins        -    Group Finance Director                   Cubitt Consulting Chris Lane/Samantha Boston

01483 544500 020 7367 5100

Notes to the Interim Management Statement

1.   Like for like sales are at constant exchange rate, including acquisitions for the whole of the comparative 
period and excluding the ATM Parts business (effective disposal date 30 September 2010) and a material non-core Supply Chain contract terminated at the end of the last financial year. Compotron, which was acquired in the fourth quarter, has not been included in like for like sales.

2.   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:

About Acal plc

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 and photonic products to industrial manufacturing and design companies. The Supply Chain Division provides inventory optimisation and outsource solutions to leading technology 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.

 

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