Acal interim revenue and earnings jump; remains confident on European markets

30th Nov 2015 08:52

(ShareCast News) - Electronic parts distributor Acal said it was on track to meet its full year expectations after posting a strong set of interim results.In the six months to 30 September, the group said revenue rose 2% year-on-year on a like-for-like basis to £142.2m, while revenue on a constant currency exchange basis surged 30% from the corresponding period in the previous year.Underlying profit, meanwhile, rose 72% year-on-year at constant exchange rates to £6.8m, while underlying operating profit jumped 64% when excluding currency fluctuations.The London-listed company attributed its solid growth to a number of successful acquisitions and organic initiatives, adding it was encouraged by the outlook in the European markets."We are encouraged by European macro indicators although remain cautious over the international economic environment and the continuing impact of foreign exchange translation headwinds," said group chief executive Nick Jefferies."Accordingly, our earnings forecast for the full year remains unchanged and in line with our expectations."Acal lifted its interim dividend 6% year-on-year to 2.33p.Acal shares were up 4.07% to 281.00p at 0903 GMT on Monday.