14th Nov 2013 11:20
LONDON (Alliance News) - Electrocomponents PLC Thursday posted increases in pretax profits and rising revenues as international sales offset declines in the UK.
The electronics and maintenance products distributor posted a pretax profit of GBP44.6 million in the half year ended September 30, up 22% from GBP36.7 million in the previous year.
Revenues were GBP635.4 million, up from GBP606.5 million in the previous year. In the UK sales declined 3% but were offset by 3% growth internationally.
In Continental Europe, sales grew 6%, boosted by strong performances in Spain, Scandinavia, Ireland and Eastern Europe. In North America, the company saw sales growth of 8%. Sales in the company's Asia Pacific business were flat, although the company said that its Japanese business returned to growth in the period.
Electronic commerce sales grew 6%, and overall customer numbers increased by 5%, Electrocomponents said.
The company maintained its interim dividend at 5.0 pence.
"The group has delivered a solid performance in the first half, with an improved operating margin and strong free cash flow," said Chief Executive Ian Mason. "Our move towards a single global offer is now underway, we made further websites enhancements and customer numbers have increased by 5%."
Shares in Electrocomponents were trading up 3.1% at 298.40 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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