Electronics Production | June 05, 2007
Profit up for Acal
UK based distributor ACAL sales of ongoing activities went up 1.5% at £260.9 million in the year to March 31, 2007. Profit before tax and exceptional of ongoing activities up 14 % at £9.8 million. EBIT grew 6.1% to £10.5 million.
Following the disposal of the Air Conditioning & Refrigeration business in July 2006, the focus of the Company has been on implementing our strategy of increasing market share to achieve profitable growth. Electronics: Financial performance now benefiting from growing higher technology product portfolio. Parts Services: Weaker demand experienced in this division. IT Solutions: Major success in Networking and Security Products; stability in margins. In October 2006, as part of the group'sconsolidation, Acal acquired the remaining minority interest in CPI and commenced the process of integration of its customer-facing activities with EAF, our other major Parts Services business. Sales of ongoing activities grew 1.5% to £260.9m despite an 8.8% fall in Parts Services. EBIT for the year grew by 6.1% to £10.5m reflecting significant improvement in the performance of both Electronics and IT Solutions offsetting the reduced profit in Parts Services. The Group's ongoing activities made a 40% return on average capital employed, before exceptional items, up from 31% for the prior year. Costs have remained under close control across all businesses with further consolidation of logistic and back office functions resulting in selective headcount reductions. However, due to recent successes in mainland Europe we have recruited additional staff in both Germany and Italy to address new Electronics business. Profit before taxation and exceptional items from ongoing activities grew by 14.0% from £8.6m to £9.8m. The growth in sales and profits of our two largest divisions, Electronics and IT Solutions, has been very much in line with Acal`s plans and the comapny continues to invest in new resources, particularly in Electronics. The Parts Services business, after an excellent prior year, suffered this year as a result of weaker demand in the first half and a significant slowdown on a major contract. Whilst there continue to be major opportunities going forward, their timing remains difficult to predict. Acal has operating companies in the UK, Netherlands, Belgium, Germany, France, Italy, Spain and Scandinavia. Westech Electronics, an associated company, is based in Singapore and covers the Far East region.
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