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Electrocomponents plc, the major international high service distributor of electronic, electrical and industrial supplies, today announces its results for the year ended 31 March 2003.
The highlights are as follows:
| Sales | £743.7m | Down | 2.6% | (adjusted) |
| Operating profit* | £102.1m | Down | 6.1% | |
| Profit before tax* | £100.9m | Down | 4.4% | |
| Earnings per share* | 16.5p | Down | 4.6% | |
| Dividend per share | 17.0p | Up | 6.9% | |
| Net debt | £46.9m | Better by | £6.1m |
Mr Bob Lawson, Chairman, commented:
Difficult trading conditions persisted throughout the year in all our major markets, particularly in the electronics, telecommunications and general manufacturing sectors. We have, however, had some notable successes, for example the 55% growth in our e-Commerce sales during the year. Our results reflect a solid overall performance with maintained operating margins (before the impact of one-off costs) on slightly lower sales. Cash flow was again strong. The increase in the dividend of 6.9% reflects this performance and underlines our confidence in the future prospects for the Group.
Since the year end, our markets have continued to display weakness. Recent leading indicators such as Purchasing Managers Indices suggest no improvement in the trading environment in the short term. Our monthly sales are currently running broadly level with the same period last year.
Bob Lawson
29 May 2003
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 |
The results and analyst presentation with accompanying audiocast are published on the Corporate website at www.electrocomponents.com.
