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Components | February 09, 2012

Electrocomponents happy with fiscal results

Electrocomponents plc has issued its interim management statement for the period from 1 October 2011 to 31 January 2012.
The Group has performed well against strong comparatives during the four months to 31 January 2012.

Group revenue grew by 4% year on year, with the International business growing by 5% and the UK by 1%. Within the International business Continental Europe grew by 5%, North America by 5% and Asia Pacific by 7%.

In January, Group revenue grew by around 1%. The International business, which represents over 70% of Group sales, grew by around 1% and the UK was flat.

The North American business successfully went live with a new SAP-based ERP system in January, similar to that already used across the European businesses, and the system has performed well to date.

The Group has a strong balance sheet and there have been no significant changes to the Group’s financial position during the period.

Ian Mason, Group Chief Executive, commented:

“The Group is performing well in the current macroeconomic environment. The implementation of our electronics, maintenance and eCommerce initiatives is driving business performance, with all regions delivering revenue growth. Our multichannel approach, with eCommerce at the heart of our business, has driven 16% eCommerce growth and channel share of 55%.

We are focused on implementing our strategic initiatives and, being mindful of economic conditions, we are continuing to keep tight control of costs. We have a well invested global infrastructure with market leading positions and a strong balance sheet, and we are well positioned to take advantage of the structural growth opportunities available to us internationally in highly fragmented markets.”

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