Flash note: Q1 trading on track
Acal generated constant currency revenue growth of 51% in Q116, with underlying growth in both divisions supplemented by the inclusion of the Noratel and Foss acquisitions (both made post Q115). Currency still presents a headwind, with sterling strength against the euro and Nordic currencies reducing reported revenue growth to 39%. Recent acquisitions continue to make good progress, and the company is seeing positive results from its cross-selling initiatives. We maintain our forecasts.discoverIE Group designs, manufactures and supplies electronic products, supplying customers in the transportation, medical, renewable energy and industrial sectors. Co.'s business is focused in five technology areas, which include communication and sensors, imaging and photonics, power and magnetics, microsystems, and electromechanical and cabling. Co. operates across two divisions: Design & Manufacturing, which supplies custom electronic products which are designed or modified from an existing product to customer specifications; and Custom Distribution, which provides technically demanding, customized electronic, photonic and medical products to industrial manufacturers.
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