Global economic jitters have weighed on sentiment in Acal (ACL) and other electronic component specialists in recent months. While those concerns are understandable, based on this evidence the group's transition from supplier to designer and manufacturer of higher-value electronics has left it relatively well placed to navigate these storms.
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Strip out currency headwinds and underlying operating profit surged 36 per cent to £16.3m in the reported period, as the group acquired three design and manufacturing businesses. This higher-margin segment now accounts for nearly 80 per cent of Acal's total profit.