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Electrocomponents growing fast

Fri, 15th Jul 2011 08:19

Electrocomponents, the FTSE 250 firm which supplies electronic products and provides maintenance services, saw revenue rise 14% in its first reporting quarter.Between April and June the International business grew by 17% and the UK by 8%.The management claims it is taking market share from smaller distributors who cannot match Electrocomponents' offer.The electronics side of the business has grown 16%, slightly better than maintenance which is up 13%.Importantly for the firm, online retailing has grown 30% and now contributes around half of all sales. Ian Mason, Group Chief Executive, commented: "We have made a good start to the financial year with 14% revenue growth and 30% eCommerce growth. With more than half our revenue now on the web we are well on our way to becoming an eCommerce centred business."The shares rose 4.1p to 248.5p on the release of the figures.BS