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Electrocomponents

Electrocomponents Q1 sales at similar level to last year

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Electrocomponents (LON:ECM) said group sales in the first quarter of the current year were at the same level as last year.

In an interim management statement, the electronics and maintenance products distributor said sales in the quarter to end-June for the International business declined by 2 percent while the UK grew by 5 percent.

Within International, Continental Europe grew by 1 percent, North America declined by 4 percent and Asia Pacific declined by 3 percent.

Maintenance, which represents almost 60 percent of group sales, grew with automation and control performing well, whilst electronics declined slightly.

ECommerce continues to grow, accounting for around 54 percent of revenues during the first quarter.

Electrocomponents’ financial position remains strong, the company said.

Group chief executive Ian Mason said: "Sales are at a similar level to last year despite strong comparators and a challenging economic environment.

"We are mindful of the macroeconomic environment and, as we have demonstrated in previous years, we are able to respond quickly to changing conditions.”

The stock rose 3.15 percent in opening deals to 206 pence.

Quick facts: Electrocomponents

Price: £5.70

Market: LSE
Market Cap: £2.54 billion
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