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Electronics Production | November 28, 2007

Abacus increase turnover

Abacus Group, a European electronic components distributor, is pleased to announce its Preliminary Results for the year ended 30th September 2007. 11.6% increase in turnover to £287m (2006: £257m). 10.5% increase in gross profit to £71.5m (2006: £64.7m, before exceptionals).
Gross margin at 24.9% (2006: 25.2% before exceptionals). 8.4% increase in profit before tax, amortisation and exceptionals to £12.9m ( 2006:£11.9m) – after amortisation and exceptionals £0.6 million (2006: loss £0.1 million). Net borrowings reduced to £59.9 million (2006: £66.1 million). Two UK properties sold post year end for £5.6 million (net) further reducing borrowings.

Integration completed of Deltron Electronics plc and Axess Technology – strengthened Group. Sales growth across France, Nordic and Austria despite difficult markets. Market share gains in UK maintained Market. AFDEC In UK shows 30% of market now taken by distribution (compared to 25% in 2004). Europartners shows 27% for Europe (compared to 24% in 2004)

Commenting on the results, Chairman, Harry Westropp, said: “Despite the challenges of the past year there are encouraging signs going forward. Not only is Abacus solidly profitable, maintaining good gross margins for its industry and generating cash in a weak market place, but statistics are showing the share of distributors is growing in all our main territories. Following the acquisitions of Deltron and Axess, Abacus Group is ideally positioned to take advantage of market improvements as and when they materialise.”

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