Acal plc (LSE: ACL, "Acal" or "the Group"), a leading international supplier of customised electronics to industry, today announces its interim results for the six months ended 30 September 2015.
|
H1 2015/16 |
H1 2014/15 |
Growth % |
CER(2) Growth % |
|||
|
Revenue |
£142.2m |
£120.9m |
+18% |
+30% |
||
|
Underlying operating profit(1) |
£7.7m |
£5.5m |
+40% |
+64% |
||
|
Underlying operating margin(1) |
5.4% |
4.5% |
0.9ppts |
1.1ppts |
||
|
Underlying profit before tax(1) |
£6.8m |
£4.7m |
+45% |
+72% |
||
|
Reported profit before tax |
£4.8m |
£0.1m |
n/a |
n/a |
||
|
Underlying EPS(1) |
7.7p |
6.5p |
+18% |
+40% |
||
|
Reported fully diluted EPS |
5.4p |
-1.1p |
n/a |
|||
|
Interim dividend per share |
2.33p |
2.2p |
+6% |
|||
Highlights
Strong growth in sales, profits and earnings per share
o Sales up 30% CER(2) and up 2% like-for-like(3)
o Gross profit up 32% CER
o Underlying profit before tax up 72% CER
o Underlying earnings per share up 40% CER
Good progress made in Group key performance and strategic indicators
o Underlying operating margin increased to 5.4%
o Design & Manufacturing ("D&M") sales now 46% of Group sales (FY 2014/15: 37%)
o International sales(4) increased to 16% of Group sales (FY 2014/15: 12%)
o D&M cross-selling generated £1.5m in new business (H1 2014/15: £0.3m)
o Operating cash flow(5) was 106% of underlying operating profit in the last 12 months
Noratel and Foss acquisitions performing well
Translation impact of the continuing strength of Sterling reduced revenue by £13.4m and underlying operating profit by £1.4m(6)
Post period end, Flux AS acquired for £3.7m, further strengthening capabilities in custom magnetics and enabling entry into new markets
Nick Jefferies, Group Chief Executive, commented:
"As a result of the strategy we have been pursuing since 2009, Acal continues to move up the value chain. Operating margins have doubled in the past five years, and 75% of profit contribution is now generated from the design and manufacture of our own products. Progress continued in the first half with an increase in underlying operating profit of 64% at constant exchange rates.
Growth has been driven by successful acquisitions and from organic initiatives, both of which are also increasing our international presence beyond Europe.
We are encouraged by European macro indicators although remain cautious over the international economic environment and the continuing impact of foreign exchange translation headwinds. Accordingly, our earnings forecast for the full year remains unchanged and in line with our expectations.
