Electrocomponents buoyed by international demand

22nd May 2014 08:53

- Pre-tax profit up 7.4 per cent- Full-year revenue improves 2.1 per cent- Expect progress towards medium-term performance goalsElectronics and maintenance products distributor Electrocomponents said annual headline pre-tax profit rose 7.4 per cent, fuelled by demand from Europe and North America.The group, which makes semiconductors and thermometers, said profit rose to £101.1m in the year ended March 31st from £94.1m before. Sales increased 2.1% to £1.27bn.While Europe and North America both saw 4% sales growth and Asia Pacific recorded a 2% increase, UK sales fell 2%. Chief Executive Ian Mason said: "There has been good early progress against our strategic priorities. There was strong growth of 6% from our eCommerce channel and outperformance from our Famous For product categories. "We remain confident that the group is set on the right course to grow market share and continue to improve financial performance over the medium term."In the first seven weeks of the new financial year, sales grew 2%. Sales trends in May to date improved compared to April, which was impacted by the timing of Easter holidays, the group explained. During the period, the international business grew by 4% and the UK declined by 2%. UK sales, excluding Raspberry Pi, was down 1%. Within International, Continental Europe grew by 1%, North America grew by 6% and Asia Pacific grew by 8%. "Whilst the global economic recovery is uneven and there are foreign exchange headwinds, we will continue to invest in our strategic initiatives. We expect to make further progress towards our medium-term performance goals during the coming year," it said.CJ