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Acal keeps growing despite BREXIT-based caution, says chief

Nick Jefferies, chief executive of Acal Plc (LON:ACL) says he is “very pleased” with the company’s latest results, which saw revenues increase by 6% to £287.7mln while underlying operating profit advanced 36% to £13.6mln once adjusted for the weakness of the euro and Nordic currencies.

He says “growth organically has been reasonable in difficult markets but we’ve managed to maintain operating margins and that has really boosted profitability”.

The chief executive also notes that Acal’s magnetics division had a strong year in 2015, with acquisitions made over the last three years “all performing well”.

Brexit has kept consumer confidence in the UK and Europe low, Jefferies says, but notes the company is built for long-term growth. His aim is to grow the company even when the market is difficult, which he says is “exactly what’s happening”.

“The business is performing, it’s very solid, it has relatively stable revenue patterns and we just need to keep on doing what we do, keep pushing it, keep developing it, keep buying good complimentary businesses where we can get sales and operating synergies, and it will keep driving shareholder value” Jefferies says.

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