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Electronics Production | May 31, 2007

Abacus targets Germany, increase profit by 66%

UK based components distributor Abacus Group has announced its interim results for the six months ended 31 March 2007. The company increased its turnover by 41% to £148.6m (2006: £105.3m).
Increased profit before tax was 66%, intangible amortisation and exceptional items to £6.8m (2006: £4.1m). Profit before tax (after exceptionals and amortisation) was £5.9 million (2006: loss of £0.2 million)

Good growth in UK market share for ECD business (15.4% in the six months to 31 March 2007 compared to 14.4% , including Deltron, in the same period 2006). Gross margin at 25.0% increased from 24.7%: reflecting Deltron acquisition. Integration of Deltron Electronics plc and Axess Technology Group complete. Positive operational cash flow is expected to lead to a reduction in net debt at the end of the year.

“The first half of 2007 has been very productive with the significant benefits of our two acquisitions coming to fruition. We have seen sales growth across the Group and we are now well placed to benefit from our larger distribution base in Europe, particularly given our national presence in Germany which has been recently established. Whilst current market conditions are disappointing we feel that the Group is in a strong position to benefit when the sector demand improves." said Chairman, Harry Westropp.

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