Electrocomponents ups profit forecast as full year sales top £1bn

7th Apr 2011 07:51

Electronics and maintenance products supplier Electrocomponents expects pre-tax profits for the year to 31 March to be marginally above previous expectations after strong international sales helped drive sales above £1bn for the first time in the group's history.The company, which distributes 500,000 products ranging from semiconductors and optoelectronics to power tools and protective clothing, said sales in the quarter to 31 March were up by about 17% from the same period the previous year. International business grew by about 20% and UK sales were up by some 10%.The Japanese business, which accounts for about 3% of the business, was not directly impacted by the recent earthquake."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," said chief executive Ian Mason.---RG