Electrocomponents' full year results were in keeping with the gloomy European semiconductor market numbers issued by DMASS (see previous post).
Pre-tax profits to March 31 this year were down just over 10 per cent to £86.6m from £96.4m in 2008. Reneue was off 5.3 per cent at £974.6m.
Group chief executive Ian Mason (pictured) confirmed a further fall in group revenues of 17 per cent in April and May. In a small show of optimism he indicated a slowing in the sales decline.
"Before things start getting better, they have got to stop getting worse and that is what we are seeing now," he commented.
Despite the tough economic conditions, Mason has ploughed investment into the company's e-commerce strategy and into strengthening the electronic components business.
"The two 'e's' -e-commerce and electronics are our focus," he told Disti Blog. Annoucements on upgrades to the company's e-commerce business are expected soon.
Mason is encouarged by continued progress in e-commerce sales which were up 10 per cent in the year and now represent 40 per cent of the company's sales.
The management of RS Components electronics business has been strengthened. Chris Page joined from Memec as general manager with a brief to grow the company's semiconductor business, and forge closer relationships with existing suppliers. The company has become a key European distributor for Tyco Electronincs and added 8,000 Texas Instruments parts to its portfolio.
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