Acal posts bumper FY results, sees challenging conditions ahead

"Whilst challenging trading conditions are likely to continue in the first half of the year, we expect an improvement in the second half in line with our expectations for the full year," said chief executive Nick Jefferies.

"We have £20m of funding available for acquisitions and will continue to take advantage of opportunities that will enhance growth and shareholder value," he added in a statement.

Acal posted a full-year pre-tax profit of £9.4m, from £4.3m, with revenue ahead at £287.7m, from £271.1m. Its 12-month total dividend was 8.05p a share, from 7.6p. The group also has its highest-ever order book at £85m.

Jefferies described the results as strong. "Over 50% of ongoing revenue is now from our higher margin Design & Manufacturing division, which is generating almost 80% of Group profits."