Trading Statement

RNS Number : 0315I

Electrocomponents PLC

12 April 2022

 

12 April 2022, 7.00am

Electrocomponents plc today issues a trading update for the year ended 31 March 2022, ahead of publishing full-year results on 24 May 2022

	Like-for-like revenue growth1
Region	Q1 to Jun 2021	Q2 to Sep 2021	Q3 to Dec 2021	Q4 to Mar 2022		Year to Mar 2022
EMEA	37%	22%	14%	19%		22%
Americas	40%	35%	37%	33%		36%
Asia Pacific	31%	31%	25%	23%		27%
Group	37%	26%	21%	23%		26%

Group like-for-like revenue growth for the year ended 31 March 2022 was 26%. Please refer to our commentary accompanying the recent trading update released on 9 March 2022 for more detail. As reported on 30 March 2022, we expect our full year adjusted operating profit margin to be at the top end of the consensus range². Due to our trading update on 9 March 2022 and Investor Event on 30 March 2022, there will be no conference call taking place today. Webcasts from both are on our website www.electrocomponents.com/investors/financial-results .

As previously announced, in early May Electrocomponents plc will become RS Group plc as we strengthen our position as one brand, united behind our single purpose of 'making amazing happen for a better world'. An announcement will be made when the name change becomes effective with a revised stock TIDM (ticker). Until such an announcement is made, trading will continue under the existing ticker 'ECM'. No action is required on the part of any shareholder.

Enquiries:
David Egan	Chief Financial Officer	020 7239 8400
Lucy Sharma	VP Investor Relations	020 7239 8427
Martin Robinson / Olivia Peters	Tulchan Communications	020 7353 4200

Notes:

1.  Like-for-like revenue growth is growth in revenue adjusted to eliminate the impact of acquisitions and the effects of changes in exchange rates and trading days year on year. Acquisitions are only included once they have been owned for a year, at which point they start to be included in both the current and comparative periods for the same number of months. 2020/21 is converted at 2021/22 average exchange rates for the period.   

2.  Consensus for the year ended 31 March 2022 (as reported on 30 March 2022) of adjusted profit before tax of £306.0 million within a range of £299.9 million to £313.0 million (source: Electrocomponents.com/investors/analyst-coverage).

3.  Our profit remains sensitive to movements in exchange rates on translation of overseas profits. Average exchange rates for the year ended 31 March 2022 for euro and US dollar were 1.176 and $1.366 respectively. Every 1 cent movement in the euro has a c. £1.8 million impact on annual adjusted profit before tax. Every 1 cent movement in the US dollar has a c. £0.7 million impact on annual adjusted profit before tax.  

4.  We expect to see a negative impact of around £7 million on revenue from fewer trading days in 2022/23 compared to 2021/22.   

 

END

 

 

TSTFLFEDSIILLIF