25 May 2012

Acal standing firm

02/02/2012 Ben Jaglom

Electronics distributor Acal (ACL) has issued an update in which it reports success from its focus on 'specialist more highly differentiated products'.

The fully-listed concern issued an update regarding trading for the year to March 2012 in which it reported its electronics division - which constitutes 90 per cent of the group's profits - saw gross profits increased by four per cent on a year-on-year basis, something it remarked was a result of its focus on the sale of 'specialist, more highly differentiated products and solutions'.

Meanwhile its supply chain division was said to be 'stable' with 'ongoing margin improvement' having taken place. Acal notes this division recently won what it describes as a 'significant new contract' with an unnamed IT hardware provider to manage the processing and provision of spare parts.

Analysts at Shore Capital are forecasting pre-tax profits of £6.5 million (EPS: 19.2p) on sales of £263 million for the year to March 2012. In 2013 profits of £7.8 million (EPS: 19.7p) on revenues of £275 million are pencilled in. A dividend of 8p and 8.5p are forecast for 2012 and 2013, respectively.

Growth Company Investor last rated shares in Acal last June at 319p as a hold. Since then they have plummeted 42.3 per cent to 184p. At the current price the shares offer a yield of 4.3 per cent, but we think with the challenging market the group operates in there is better value in the support services sector. Hold.

Tags: Electronics business, Full list, Supply chain, Support services

Sector: Support Services

Companies: Acal

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