29th Jul 2015 09:09
LONDON (Alliance News) - Electrical products manufacturer Acal PLC said trading had "started well" in its first quarter, although it expressed caution over the strengthening of sterling.
For the quarter to end-June the company saw sales up 39% although constrained by the strengthening of sterling. Sales were up 51% at constant exchange rates.
Gross margin continues to be strong, and is higher than in the previous year, Acal said. Its two most recent acquisitions, Noratel and Foss, both started the new financial year well, Acal said, seeing growth ahead of the comparable period last year.
"Trading has started well, and as expected, although we remain mindful of strengthening foreign exchange translation headwinds. Additionally, each of our growth initiatives have made good progress during the quarter and we expect this to continue throughout the year. The order book remains strong and we have a healthy pipeline of acquisition opportunities, with debt funding resources available," said Chief Executive Officer Nick Jefferies in a statement.
Shares in Acal are trading down 1.9% at 295.25 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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