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Electrocomponents plc, the major international high service distributor of electronic, electrical, industrial and commercial supplies, today announces its results for the year ended 31 March 2004.
The highlights are as follows:
| Sales | £759.3m | up | 2.1% |
| Before amortisation of goodwill | |||
| Operating profit | £108.3m | up | 6.1% |
| Profit before tax | £106.9m | up | 5.9% |
| Earnings per share | 17.5p | up | 6.1% |
| After amortisation of goodwill | |||
| Operating profit | £98.1m | up | 8.0% |
| Profit before tax | £96.7m | up | 7.9% |
| Earnings per share | 15.1p | up | 8.6% |
| Dividend per share | 18.2p | up | 7.1% |
| Free cash flow | £83.0m | up | 21.7% |
| Net debt | £34.5m | better by | £12.4m |
Mr Bob Lawson, Chairman, commented:
For much of the year trading has been tough but the Group has returned to growth and has continued to invest in its businesses. The Enterprise Business System (EBS) was implemented successfully in France, South Asia and Australasia. We continued to develop our e-Commerce functionality leading to good growth and proven incremental sales. We increased investment in sales activities and marketing to drive higher sales. In the second half of the year, market conditions improved and our sales, profit and cash flow performance benefited. Sales growth rose towards the end of the year, most notably in North America and the UK, and the Group exited the year growing at about 5%.
The encouraging trends of the second half have continued since the year end, supported by the improved market confidence reflected by the Purchasing Managers Indices. Nevertheless continued caution remains appropriate.
We remain firmly committed to the successful execution of our strategy and generating the high returns for shareholders that will result.
Bob Lawson
26 May 2004
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 17:00 on 26 May, thereafter 01865 204000.
The results and presentation to analysts with accompanying audiocast are published on the corporate website at www.electrocomponents.com.
