2nd Apr 2015 06:52
LONDON (Alliance News) - Electrocomponents PLC said Thursday that it expects its pretax profit in the financial year that ended on Tuesday, before reorganisation costs and pension credits, to meet market consensus forecasts, which it put at GBP79.3 million.
The consensus forecast pretax profit range for the year to end-March is GBP77.6 million to GBP82.8 million, according to Electrocomponents.
The electronics and maintenance products distributor expects its full year gross margin to decline by around 1.3%, after it saw an improvement in its gross margin in its fourth quarter.
Sales in the final quarter, adjusted for one less trading day and at constant currency, rose 4%, as international sales growth of 7% offset a 3% decline in UK sales.
Sales in continental Europe were up 8%, and rose 4% in Asia Pacific. North American sales rose 6%, although growth was constrained by adverse weather conditions in February and March, Electrocomponents said.
Pretax profit for the full year will be hit by around GBP2 million from the fewer trading days, the company added.
Electrocomponents said it has continued with planned investment in its global strategy. eCommerce sales have continued to grow faster than the group as a whole, up 7%, as did sales of its 'Famous For' product range, up 5% as the company introduced new products.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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