ECM.L Regulatory News (ECM)

ELECTROCOMPONENTS PLC

Interim Management Statement

Electrocomponents plc, the world's leading high service distributor of electronics and maintenance products, has today issued its first interim management statement for the year ending 31 March 2012 which covers the first quarter ended 30 June 2011

The business has made a good start to the financial year.

In the first quarter Group revenue grew by 14% year on year, the International business grew by 17% and the UK by 8%. Within the International business Continental Europe grew by 17%, North America by 16% and Asia Pacific by 15%.

In the month of June Group revenue grew by 11% year on year, the International business grew by 12% and the UK by 8%. Within the International business Continental Europe grew by 12%, North America by 13% and Asia Pacific by 12%.

We have continued to benefit from the implementation of our strategic initiatives and are gaining market share particularly from smaller distributors who cannot match our offer and service.

Within the quarter electronics has grown by 16%, benefitting from the launch of 10,000 new products. We recently announced our new and groundbreaking PCB Converter for Google SketchUp, the world's most popular free 3D design tool. This allows electronics designer engineers to transfer their electronics circuit designs into a 3D CAD environment. 

Maintenance has grown by 13%, also benefitting from the launch of 5,000 new products. Our control and automation technologies and products promoted with our strategic supplier partners have performed particularly well.

eCommerce revenue grew by around 30% with our Asia Pacific business reporting eCommerce sales growth of over 60%. We are making significant changes to our Group websites around the world which are transforming our customer online experience making the process of finding products clearer, faster and easier. eCommerce share exited the quarter at 53% of Group sales as we progress towards our target of 70% of revenues coming from eCommerce.

There have been no significant changes to the Group's financial position during the period.

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.

Our strategy is delivering growth across all regions and we are continuing to invest in the business. We are strengthening our electronics range while driving our market leading offer for maintenance engineers. Our focus on innovation to improve the experience of our customers, particularly through the web, is underpinning our revenue growth.

While we have made a good start to the year, we are also mindful of economic conditions. We will continue to implement our strategy and drive long-term structural growth."

Notes:

All revenue growth rates are adjusted for trading days and foreign exchange rate movements.

There will be a telephone conference call today at 08.00h for analysts and investors with replay access to 29 July. Dial in instructions are set out below.