3rd Apr 2014 07:58
LONDON (Alliance News) - Electrocomponents PLC Thursday said it expects to meet expectations for pretax profit, excluding reorganisation costs, for the year ended March 31, as profit margins remained stable and operating costs were "tightly controlled."
The electronics and maintenance products company said forecasts for headline pretax profit, which it said excludes reorganisation costs, are GBP101 million, up from GBP94.1 million in the previous year.
Electrocomponents said it had seen underlying sales growth of around 4% in its fourth quarter. Underlying sales growth figures were adjusted for trading days and currency movements, it said.
Underlying international sales growth was around 6%, and UK sales were flat, the company said.
eCommerce underlying sales continued to grow faster than the rest of the business at around 7%, driven by improvements to Electrocomponents online functionality, and now comprise 59% of its total sales compared to 57% in the previous year.
Shares in Electrocomponents were trading down 0.4% at 285.30 pence Thursday morning.
Electrocomponents will announce its full-year results on May 22.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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