Interim Results

Acal PLC
4 December 2000



Press Release

                                                                               
Acal House, Guildford Road, Lightwater, Surrey GU18 5SA, England
Telephone : [phone]    Fax : [phone]

Date:       Embargoed until 07.00 a.m. Monday 4th December 2000

Contact:    1    John Curry Chairman
                 Tel:  [phone]   
                                                                                
            2    Jim Virdee Finance Director
                 Tel:  [phone]


            3    Simon Brocklebank-Fowler Cubitt Consulting
                 /Serra Konuralp
                 Tel: [phone]


                                  ACAL PLC


     Unaudited Interim Results for the Six months to 30th September 2000


The key points are:


Turnover has increased from £110.6million to £151.8million       up 37%


Profit before tax, goodwill amortisation and exceptionals has increased
from £5.8million to £10.2million                                 up 76%
                                                                    

Profit after tax has increased from £3.6million to £5.5million   up  52%
                                                                        

Earnings per share has increased from 14.7p to 21.2p             up  44%
                                                                        

Underlying earnings per share before goodwill amortisation and   
exceptionals has increased from 15.1p to 25.9p                   up  72%
                                                                        

Interim dividend increased from 4.6p to 5.5p per share           up  20%
                                                                        

Commenting on the outlook, John Curry, the Chairman of Acal plc said: -

'High order growth year-on-year has been maintained through the first seven
months and the industry remains buoyant...We look forward to a record level of
demand for the second half of the financial year'.


Notes to Editors:



1  The Acal Group is a leading European, value-added distributor providing      
   specialist design-in, sales and marketing services for international         
   suppliers in the fields of Electronic Components, Information Technology     
   Products, IT Parts Services and Industrial Controls.  Its value-added        
   philosophy and geographic coverage enables Acal to provide specialist        
   knowledge and support to customers on a pan-European basis.


2  Design-in is the process by which Acal's sales engineers work with customers 
   and suppliers to procure components which meet the specific technical and    
   performance needs of the customers.


3  Acal has operating companies in the UK, Netherlands, Belgium, Germany,       
   France, Italy, Scandinavia and the USA.

Chairman's Statement

Results

In June this year when I wrote the Chairman's Statement for the Annual Report,
I forecast strong growth for the current year, and my optimism was well
founded.  We issued a trading update statement on 25th September to indicate
that results would be above the market expectation and I am pleased to report
a material growth in the business for the first six months of the year.
Turnover has increased from £110.6million to £151.8million, up 37%.  Organic
growth provided an increase of 28%, after a 5% negative currency translation
impact and also allowing for the fact that the acquisition of Sedgemoor was
only included in last year's accounts from 1st June 1999.

Total operating profit increased from £5.5million to £10.2million, an 86%
increase.  Profit before tax is up 53% at £9.0m (£5.9m) and after effective
tax at 34.5% (34.1%), earnings per share are 21.2p (14.7p), an increase of
44%.  The underlying earnings per share before goodwill amortisation and
exceptional items are up 72% at 25.9p (15.1p).

Review of Operations

The growth has been driven by the Electronic Components Division in all the
countries of Continental Europe, where customers in the market for cellular
base stations, data communications, wireless and high speed networks have
provided strong demand levels. In our Information Technology Division we have
also seen rapid growth in network product sales, particularly in the
Netherlands, and fibre channel products for storage area networks throughout
Europe.  We are also seeing a sound recovery in the IT Parts Services Division
(previously known as the PC Spare Parts Division) from the level of the second
half of last year.

In summary, it has been a very satisfactory half-year for all divisions in
spite of the continued weakness of the Euro, and strength of the dollar. The
growth in Continental Europe has resulted in approximately 60% of our business
now being outside the United Kingdom.

Net debt at £28.6million has remained at a similar level to last year at £
27.7million because of a major increase in inventories from £26.3m to £34.4m
in the last six months.  This increase was due to the growth of the business
and because of the need to carry greater stocks to cope with the current
shortages in the component industry.

Dividend

The Board has declared an interim dividend of 5.5p per share (4.6p), an
increase of 20%.  This reflects our confidence in the current year and will be
paid on 25th January 2001 to shareholders on the register on 15th December
2000.

Prospects

High order growth year-on-year has been maintained through the first seven
months of the year, and the industry remains buoyant. There are signs that
this growth will continue though perhaps at a more moderate rate. We look
forward to a record level of demand for the second half of the financial year.



 John Curry
4th December 2000




                                   ACAL plc



                Unaudited Summary Profit and Loss Account for

                     Six Months ended 30th September 2000
                                                                       Year
                                                                       ended 31
                                                                       March
                                                                       (audited)
                                               Six Months ended

                                               30 September
                                                2000        1999           2000
                                               £'000       £'000          £'000


Turnover                                       151,758       110,627       
245,360

Operating Profit

Excluding exceptional items and
goodwill amortisation
                                               10,363       6,236         15,558
Exceptional items                                  -        (82)          (726)

Goodwill amortisation                          (1,235)       (839)       (2,076)
Group Operating Profit (excluding
associated undertakings)
                                               9,128       5,315         12,756
Group Share of Operating Profits
of Associated Undertakings                     1,044         145            434

Total Operating Profit (including
associated undertakings)
Excluding goodwill amortisation                11,408       6,300         15,268
Goodwill amortisation                          (1,236)       (840)       (2,078)
                                               10,172       5,460         13,190

Net profit on disposal of
investments and tangible fixed
assets                                             -       1,014          1,014
Net interest payable - group                   (1,116)       (556)       (1,592)
Net interest payable - associated               (49)        (16)           (32)
undertakings
Profit before Taxation:

Excluding exceptional items and goodwill       10,243       5,810         14,370
amortisation
Exceptional items                                   -         932            288

Goodwill amortisation                          (1,236)       (840)       (2,078)

Profit on Ordinary Activities before           9,007       5,902         12,580
Taxation

Tax on Profit on Ordinary
Activities:
            United Kingdom                     (1,361)     (1,470)       (2,384)
            Overseas                           (1,855)       (769)       (1,756)
            Associated                         (319)        (62)          (129)
                 undertakings
                                               (3,535)     (2,301)       (4,269)
Profit on Ordinary Activities after            5,472       3,601          8,311
Taxation

Minority Interests - equity                        -        (81)           (79)

Profit Attributable to Ordinary                5,472       3,520          8,232
Shareholders

Dividends on Ordinary Shares                   (1,427)       (1,185)     (3,558)

Retained Profit for the Year                   4,045       2,335          4,674

Earnings per Share                             21.2p       14.7p          33.1p
Diluted Earnings per Share                     21.0p       14.6p          33.0p
Earnings per Share Excluding Goodwill
Amortisation and Exceptional Items             25.9p       15.1p          40.3p
                                              


                                         ACAL plc

                                  Unaudited Balance Sheet
                                 as at 30th September 2000


                                     At 30 September            At 31 March
                                                                 (audited)
                                     2000         1999                    2000

                                    £'000        £'000                   £'000
FIXED ASSETS

Intangible assets                  46,152       48,542                  47,388
Tangible assets                     9,619        9,445                   9,342
Investments                         3,685        2,577                   2,957
                                   59,456       60,564                  59,687
CURRENT ASSETS

Stocks                             34,438       23,844                  26,284
Debtors                            61,286       48,760                  52,021
Cash at bank and in hand            4,505        4,851                   8,461
                                   100,229       77,455                 86,766
CREDITORS:
Amounts falling due within one     (95,360)       (54,388)             (64,503)
year

NET CURRENT ASSETS                  4,869       23,067                  22,263


TOTAL ASSETS LESS

CURRENT LIABILITIES                64,325       83,631                  81,950

CREDITORS:
Amounts falling due after more      (895)       (26,072)                (22,926)
than one year

PROVISIONS FOR LIABILITIES

AND CHARGES                        (4,565)       (4,995)                 (4,942)

NET ASSETS                         58,865       52,564                  54,082

CAPITAL AND RESERVES

Called up share capital             1,298        1,287                   1,289
Share premium account              36,290       35,504                  35,586
Revaluation reserve                   289          313                     290
Profit and loss account and other  20,988       15,460                  16,917
reserves

                                   58,865       52,564                  54,082


                                     ACAL plc

                    Unaudited Summary Cash flow Statement for
                     Six Months ended 30th September 2000


                                       Six Months ended         Year ended 31
                                         30 September          March (audited)
                                        2000        1999                   2000

                                       £'000       £'000                  £'000
OPERATING ACTIVITIES

Operating profit                       10,172       5,460                 13,190
Depreciation and other non cash items  2,604       2,080                  4,619
Share of profits of associates (before (1,044)       (145)                (434)
interest)
Increase in working capital            (9,563)       (6,014)             (3,417)

NET CASH INFLOW FROM OPERATING
ACTIVITIES                             2,169       1,381                 13,958
                                       
Net interest paid                      (1,116)       (556)               (1,592)
Tax paid                               (2,228)       (920)               (6,061)
Net expenditure on tangible fixed
assets and investments                 (1,905)       (1,686)             (4,194)
Net cash flow from acquisitions and        -       (32,813)             (31,885)
disposals
Equity dividends paid                  (2,362)       (2,069)             (3,253)

NET CASH OUTFLOW BEFORE FINANCING      (5,442)       (36,663)           (33,027)

                                       

(Decrease)/increase in debt and        (2,069)       25,192              22,019
finance leases
Issue of share capital                   713          55                    138

NET DECREASE IN CASH                   (6,798)       (11,416)           (10,870)


Reconciliation of net cash flow to movement in net (debt)/cash

NET DECREASE IN CASH                   (6,798)       (11,416)           (10,870)


Cash outflow/(inflow) from decrease/
(increase) in debt and lease financing 2,069       (25,192)             (22,019)
Lease financing acquired with          
subsidiary                                 -        (22)                   (89)
                                       
Translation differences                  106        (29)                     67
                                      

MOVEMENT IN NET (DEBT)/CASH            (4,623)       (36,659)          (32,911)


Net (debt)/cash at beginning of the    (23,938)       8,973              8,973
period

Net (debt) at end of the period        (28,561)       (27,686)         (23,938)



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES


                                   Six Months ended 30         Year ended 31
                                        September             March (audited)
                                     2000         1999                     2000
                                    £'000        £'000                    £'000


Profit attributable to              5,472        3,520                    8,232
shareholders
Net gain/(loss) on currency            26        (432)                  (1,372)
translation
Total recognised gains and losses
for the financial period            5,498        3,088                    6,860
                                  









NOTES:

1.  The financial information set out above does not constitute the company's
statutory accounts for the year ended 31st March 2000, but is derived from those
accounts.  Statutory accounts for 2000 have been delivered to the Registrar of
Companies.  The auditors have reported on those accounts; their reports were
unqualified and did not contain a statement under section 237 (2) or (3) of the
Companies Act 1985.


2   The interim dividend of 5.5p (1999:4.6p) is payable on 25th January 2001 to
shareholders on the register on 15th December 2000.


3   Earnings per share for the half year to 30th September 2000 have been
calculated on the profit attributable to ordinary shareholders of £5,472,000
using the weighted average number of ordinary shares in issue during the period.


4   The Company's interim report is being sent to shareholders by post.  Copies
will also be available from:

           Acal plc, 39 Guildford Road, Lightwater, Surrey GU18 5SA

         The interim results will not be advertised in any newspaper