Electrocomponents sees sharp improvement in sales

LONDON — In its second half interim management statement covering Oct 1 2009 to Jan 31 2010 Electrocomponents plc. (Oxford, UK) says it has seen a sharp improvement in sales.

While for the four months to the end of January 2010 group sales had been flat, all regions had returned to year on year sales growth by December. In January group sales grew by around 10 percent with the international business growing by around 12 percent and the UK by around 5 percent.

Within the International business Europe sales grew by around 8 percent, North America by around 15 percent and Asia Pacific by around 21 percent.

E-commerce continues to be an increasing proportion of group sales and in January e-Commerce revenue grew by around 30 percent to around 45 percent of Group sales with North America showing particularly strong performance, growing by around 90 percent.

In the year so far the group gross margin has been slightly lower than in the first half principally in the UK.

As a result of the improving sales trend the company anticipates that headline profit before tax for the full year will be at the upper end of market expectations.

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