Electrocomponents confirmed the explosive growth in the components distribution sector signalling group revenue growth of 23 per cent in the first seven weeks of its new financial year.
The international business has grown 29 per cent, with strong performances in north America which grew 40 per cent, Asia Pacific up 29 per cent and Europe rising by 21 per cent. The UK posted 11 per cent growth in the same period.
This heady performance lifted any gloom which might have been hanging over the full year results which showed a five per cent decline in sales from £974.6m in 2009 to £972.4m in 2010.
Profit before tax fell by 14.1 per cent to £74.4m from £86.6m the previous year.
E-commerce sales growth was 15 per cent in the year, with a particularly strong performance in north America. The company also launched 13 new web sites with local language and pricing. It has also continued the strengthening of its portfolio in the electronics sector by adding 41,000 new products, up from 10,000 the previous year.
Ian Mason, Electrocomponents group chief executive commented, "The business has come through an exceptionally volatile year of trading in good shape. Decisive action was taken on costs and a strong cash flow was maintained. We also continued to invest in our strategy, particularly in international markets, eCommerce and electronics which helped to drive significant sales growth in the second half of the year. We will benefit from the structural growth in our international markets and continued delivery against our strategic objectives."
The company also announced that chairman Helmut Mamsch would stand down for personal reasons after the company's AGM in July. Rupert Soames will stand in as acting chairman if a replacement has not been found by then.
Comments