The UK, in recession after two quarters of decline, is performing well enough for Electrocomponents.
Ian Mason, Chief Executive Officer of Electrocomponents is still optimistic. He commented: “Whilst we are mindful of economic conditions and recognise that comparatives will remain demanding during the first half of the new financial year, we believe that the Group is well placed to continue to take market share in international markets. Therefore we are continuing to invest to drive performance in the coming years.”
His optimism is based on an excellent performance in Electrocomponents full year results, where revenues grew 7% to £1.267m in the year to March 2012. Profit before tax was also up 7% to £122m.
Investment in the company’s international business has been rewarded. It delivered 9% growth and now represents 70% of Electrocomponents Group sales. The UK put in a sterling performance growing revenues 3% and profits 4%.
Other highlights included eCommerce revenue growth of 18% with its share of group revenue up to 54% from 49% last year. DesignSpark, the online design tool has now attracted 1.2 million visitors since its launch less than two years ago.