Interim Management Statement

RNS Number : 7148G

Electrocomponents PLC

05 February 2010

 



Electrocomponents plc, the leading international high service distributor, has today issued its second half interim management statement for the year ending 31 March 2010 which covers the period from 1 October 2009 to 31 January 2010.

The Group has seen a sharp improvement in sales.  While for the four months to the end of January 2010 Group sales have been flat, all regions had returned to year on year sales growth by December.  In January Group sales grew by around 10% with the International business growing by around 12% and the UK by around 5%.  Within the International business Europe sales grew by around 8%, North America by around 15% and Asia Pacific by around 21%. 

e-Commerce continues to be an increasing proportion of Group sales.  In January e-Commerce revenue grew by around 30% to around 45% of Group sales with North America showing particularly strong performance, growing by around 90%.

13,000 new electronic products have been added since the half year and our e-Commerce offers have been further developed.

There has been no significant change in the Group's financial position during the period.

Year to date the Group gross margin has been slightly lower than in the first half principally in the UK.  Operating costs have been tightly controlled and free cash flow has been robust.

As a result of the improving sales trend we anticipate that headline profit before tax for the full year will be at the upper end of market expectations.

Ian Mason, Group Chief Executive, commented:

"I am pleased to report that January has seen an underlying improvement with Group sales growing by around 10% and International delivering sales growth of around 12%.

The Group continues to strengthen its electronics, maintenance and e-Commerce offers and has strong international market positions, which now account for around two thirds of Group sales.  As a result the business is well positioned to take advantage of further improvements in market conditions and to leverage the Group's global infrastructure."

Enquiries:

 

Ian Mason                                   Group Chief Executive                   01865 204000

Simon Boddie                             Group Finance Director                 01865 204000

John Sunnucks/                          Tulchan Communications              020 73534200

David Allchurch

Notes:

All revenue growth rates are adjusted for trading days and foreign exchange rate movements.

There will be a telephone conference call today at 08.00h for analysts and investors with replay access to Friday 12 February 2010.  Dial in instructions are set out below.

Electrocomponents plc - Conference Call Dial in Instructions
Date:	Friday 5 February 2010
UK Time:	From 07:50h for 08:00h call
Telephone number:	[phone]
Conference ID:	53883339
Chairman:	Ian Mason
Electrocomponents plc - Replay Dial in Instructions (available until Friday 12 February 2010)
Replay Telephone number:	[phone]
Conference Access Number:	53883339#

 

END

 

 

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