Acal has slipped in to loss in the first half of the year. The distributor of electronic components and system products reported a pre-tax loss of £8m on slightly ahead sales of £79.8m.
The distributor also announced the appointment of a new CEO.
Company chairman, Richard Moon described the first half year as a challenging period and "one of significant change for the group".
"From a trading viewpoint, our businesses began to feel the impact of the economic downturn in the latter part of the half year. Moreover, in our Parts Services business, whilst we see the winning of the Torex contract as a significant strategic development, the initial investment in terms of start-up and ongoing operating costs through the early period of the contract has been greater than anticipated," said Moon.
Operating profit from continuing operations before exceptional items fell by 64% from £2.8m to £1.0m.
During the summer Acal announced the departure of chief executive Tony Laughton and finance director Jim Virdee. Nick Jefferies has joined Acal as chief executive. He was formerly with Electrocomponents.
The sale of MessageLabsGroup to Symantec was completed on 14 November 2008. The total consideration receivable by Acal for its 3.95% investment is £16.2m.
The company also saw a fall in the value of its associate in Singapore, Westech Electronics. Acal holds a 30.1% shareholding in Westech Electronics, which is listed on the Singapore Stock Exchange.
Westech announced in September that one of its major customers in Taiwan had defaulted on its payments to the company. It subsequently announced that it had entered into discussions with certain financial institutions lending to the company with a view to agreeing a standstill agreement.