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Electrocomponents plc, the international high-service distributor of electronic, electrical and industrial supplies, today announces its results for the half-year ended 30 September 2002.
The highlights compared to the first half of last year are as follows:
| Sales | £365.3m | Down | 4.2% |
| Operating profit* | £46.8m | Down | 9.3% |
| Profit before tax* | £46.3m | Down | 6.7% |
| Earnings per share* | 7.6p | Down | 6.2% |
| Dividend per share | 5.25p | Up | 7.1% |
| Net debt | £67.2m | Lower by | £24.1m from 30 Sept 2001 |
| * Before amortisation of goodwill. | |||
Bob Lawson, the Chairman commented:
Trading conditions have remained tough in each of our major markets throughout the half year. Sales declined in the UK, reflecting the continued difficulties in manufacturing, but grew in other markets. Our e-Commerce sales grew by 55% over the first half of last year.
We have improved gross margins and managed costs tightly, but our strategic investments and other one-off costs constrained profits. Cash flow was again strong.
Though we see no signs of market recovery in the short term, neither do we see signs of further deterioration. Our confidence in the future is reflected in our decision to increase the interim dividend by 7.1%.
Bob Lawson
6 November 2002
Enquiries:
| Bob Lawson, Chairman | Electrocomponents plc | 0207 567 8000* |
| Ian Mason, Chief Executive | Electrocomponents plc | 0207 567 8000* |
| Jeff Hewitt, Deputy Chairman / Finance Director | Electrocomponents plc | 0207 567 8000* |
| Diana Soltmann / Andy Berry | Flagship Consulting Ltd | 0207 886 8440 |
| * Available to 15:00 on 6 November, thereafter 01865 204000. | ||
The results and analyst presentation are published on the Corporate website at http://www.electrocomponents.com.
