Trading Update

RNS Number : 4547E

Electrocomponents PLC

07 April 2011

 



ELECTROCOMPONENTS PLC

Trading update: Year ended 31 March 2011

Electrocomponents plc, the leading international high service distributor, has today issued a trading update for the year ended 31 March 2011, ahead of the announcement of preliminary results on 27 May 2011.

Since the Group's Interim Management Statement on 4 February 2011 sales growth has remained strong despite more demanding comparatives. 

In the quarter ended 31 March 2011 Group sales grew by around 17% with the International business growing by around 20% and the UK by around 10%.  Within the International business Europe sales grew by around 21%, North America by around 22% and Asia Pacific by around 15%.  Our Electronics offer continues to be our strongest performing category. eCommerce revenue grew by around 34% and now represents around 53% of Group sales, up from 46% a year ago. 

Our business in Japan was not directly impacted by the earthquake in mid March and our team has worked hard and continued to operate the business and meet our customers' and suppliers' needs.  Since then sales in Japan, which represent around 3% of the Group, have been at similar levels to the previous year.

The Group's gross margin for the quarter ended 31 March 2011 has been in line with the first nine months of the financial year.

For the full year ended 31 March 2011 sales will be in excess of £1bn for the first time in the Group's history and significant operating cost leverage will be delivered.  We are continuing to invest in driving the growth in our business and we anticipate that profit before tax for the full year will be marginally above our previous expectations.

Ian Mason, Group Chief Executive, commented:

"I am pleased to report that the Group's sales growth has remained strong during the final quarter of the year with sales growing by around 17% and both our International and UK businesses delivering double digit sales growth.

Today around 70% of the Group's revenues are from our International business which positions us ideally to benefit from the long term structural growth opportunities in our markets with improving margins through operating cost leverage."

Enquiries:

Ian Mason	Group Chief Executive	01865 204000
Simon Boddie	Group Finance Director	01865 204000
John Sunnucks / David Allchurch	Tulchan Communications	020 7353 4200

Press enquiries:

Nigel Main

Group Head Corporate Communications

01865 204000

Notes:

All revenue growth rates are adjusted for trading days and foreign exchange rate movements.

There will be a telephone conference call today at 08.00h for analysts and investors with replay access to Friday 15 April 2011.  Dial in instructions are set out below.

Electrocomponents plc - Conference Call Dial in Instructions
Date:	Thursday 7 April 2011
UK Time:	From 07:50h for 08:00h call
Telephone number:	[phone]
Conference ID:	58410037
Chairman:	Ian Mason
Electrocomponents plc - Replay Dial in Instructions (available until Friday 15 April 2011)
Replay Telephone number:     :	[phone]
Conference Access Number:	58410037#

 

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