Electrocomponents expects FY profits at upper end of expectations as January sales climb 10%


Electrocomponents (LSE: ECM) now expects its headline profits for the full year to be at the upper end of market expectations after experiencing what it called a sharp improvement in sales over the four months to the end of January 2010 as all regions returned to year-on-year sales growth by December.

Sales climbed 10% year-on-year in January as international business expanded 12% and in the UK by 5%. Within the international business, Europe sales grew by 8%, North America by 15% and Asia Pacific by 21%.

E-Commerce continued to be an increasing proportion of group sales, as revenues in that segment increased by 30% to 45% with North American sales showing particularly strong performance with a 90% increase. The group has added 13,000 electronic products and further developed its e-Commerce offers since the half year.

“The group continues to strengthen its electronics, maintenance and e-Commerce offers and has strong international market positions, which now account for around two thirds of group sales.  As a result the business is well positioned to take advantage of further improvements in market conditions and to leverage the group's global infrastructure,” said Chief Executive Ian Mason.

Shares in the company climbed 3% on the news.

Quick facts: Electrocomponents

Price: 641.6 GBX

Market: LSE
Market Cap: £2.86 billion

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