Acal, the company that supplies electronic components for everything from Nespresso machines to wind turbines, has announced it will change its name to DiscoverIE from today, signifying a shift in the company's ambitions.
The firm began as a distributor of electronic components, but since 2011, it has been building up its design and manufacturing (D&M) business. Now, D&M makes up 80 per cent of the group's profit.
Chief executive Nick Jefferies told City AM it was the right time for a rebrand to make it clear that the company has changed.
"We've reached a tipping point where almost everything we do is D&M. It just felt right to make the change," Jefferies said.
DiscoverIE stands for "discover innovative electronics", and the company will start trading under its new ticker, DSCV, tomorrow.
Jefferies added the company plans to keep building its D&M business, partly through acquisitions. DiscoverIE typically acquires two smaller, niche electrical components firms each financial year. With one bought in January and the end of the year approaching in March, Jefferies said the company is due for another.
"There are a lot of opportunities in this market place," he said, noting that markets from energy to transportation are being driven by the adoption of new technologies. DiscoverIE aims to be the company supplying the niche parts for these new technologies.
The company made the announcement alongside its half-year results.
For the six months to the end of September, the firm's revenue rose 21 per cent, or 15 per cent at constant exchange rates, to £190.2m. Underlying profit before tax jumped 42 per cent compared with the previous year to £10.4m.
"The second half has started well and we are on track to deliver full-year performance in line with our expectations, supported by a record order book of £111m," Jefferies said.
"Together with an increase in new project design wins of over 30 per cent, with an estimated lifetime sales value of over £90m, we are well positioned for continued growth."
The company aims to repeat the success of the past five years by doubling revenue and underlying earnings per share.