Electrocomponents (LON:ECM), the international high service electronic, electrical and industrial distributor, issued today a management statement for the period 1st October 2009 to 31 Jan 2010.
The Company reported a 10% rise in sales for January, with the International business experiencing growth of approximately 12% and the UK of about 5%. Within the International business, Europe sales grew by 8%, North America by around 15% and Asia by approximately 21%.
Ian Mason, Group Chief Executive, commented:
"I am pleased to report that January has seen an underlying improvement with Group sales growing by around 10% and International delivering sales growth of around 12%.
E-commerce also grew over the period, with North America growing by around 90%. Offers on e-commerce have been developed and 13,000 new products have been added to the range.
Ian Mason added,
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."
The Board affirmed that there has been no significant change in the Company's financial position over the period. The gross margin has reportedly been slightly lower than last year, especially in the UK, but operating costs have been tightly controlled and cash flow has continued to be strong.
Going forward, the Company expects gross profit for the full tax year to be at the top end of market estimates.
