4 Oct 2018 07:01
New Regional Reporting Structure
Electrocomponents issues a restatement of its financial results for the year ended 31 March 2018 and for the half year ended 30 September 2017. We announced at our final results in May that we would be moving to a new simpler structure with three regions: EMEA, Asia Pacific and the Americas. In order to drive further accountability, we have also taken the opportunity to move a greater proportion of cost that had previously been charged in central costs out to the regions. These include costs such as regional recruitment costs, pensions and share-based payment costs.
This does not change the Group's revenue or adjusted operating profit. The table below restates our segmental analysis onto the new structure.
EMEA(1) | Asia Pacific | Americas | Group | |
£m | £m | £m | £m | |
Six months to 30 September 2017 (restated) | ||||
Revenue | 511.3 | 89.7 | 222.8 | 823.8 |
Segmental operating profit / (loss) | 73.5 | (3.9) | 25.9 | 95.4 |
Central costs | (14.2) | |||
Adjusted operating profit | 81.2 | |||
Year to 31 March 2018 (restated) | ||||
Revenue | 1,083.5 | 181.0 | 440.8 | 1,705.3 |
Segmental operating profit / (loss) | 161.1 | (0.9) | 51.4 | 211.5 |
Central costs | (34.4) | |||
Adjusted operating profit | 177.1 |
The table below restates our like-for-like growth rates for this year.
Like-for-like revenue growth(2) | |||
Regions | Q1 to June 2018 | Q2 to Sept 2018 | H1 to Sept 2018 |
EMEA | 9% | 10% | 9% |
Asia Pacific | 10% | 9% | 10% |
Americas | 13% | 9% | 11% |
Group | 10% | 10% | 10% |
Enquiries: | ||
David Egan | Group Finance Director | 0207 239 8400 |
Polly Elvin | Head of Investor Relations & Corporate PR | 0207 239 8427 |
Martin Robinson/David Allchurch | Tulchan Communications | 0207 353 4200 |
Notes:
1. EMEA will include the sub-regions Northern Europe, Southern Europe and Central Europe, as well as our emerging market operations, which had previously been in the Asia Pacific region.
2. Like-for-like change excludes the effects of changes in exchange rates on translation of overseas operating results, with 2018 converted at 2019 average exchange rates for the period, and the impact of acquisitions. Revenue is also adjusted to eliminate the impact of trading days year on year.