Updates

Acal

July 2015

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Acal has reported 2015 results with sales on constant currency up 36% to £271m. Underlying pretax profit was up 87% to £11.8m with eps up a third to 15.4p.Acal’s plan since 2009 has been to move up the value chain to focus on higher margin differentiated products via acquisition. As it was, Design & Manufacturing revenue increased to £101m (37% of overall sales versus 18%) due to part period contributions from Noratel (transformers) and Foss (fibre optics). Stripping them out, organic sales growth was 9%. It was largely the higher margins on this side of 11.4% that pushed up the group average to 4.9%, up 1.5%. Cross selling between the seven sister companies that form the division is a big opportunity fo ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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