Revenues grew six per cent at Electrocomponents as the distribution group continued its advance under CEO Lindsley Ruth. In a trading update covering four months to the end of January, the distribution group reported sales up across Europe. North Europe sales grew six per cent, Central Europe posted a two per cent increase and Southern Europe contributed a four per cent rise.
RS Pro, the company’s own brand product range which represents 12 per cent of total revenues grew five per cent. eCommerce sales increased by six per cent and now represent 60 per cent of total revenues.
Cost initiatives are expected to save £18m by the end of March 2017.
Ruth has also shaken up top management by appointing Marianne Culver as President of RS Components and Steve Newland as President of Allied Electronics in north America.
“We have made further good progress on our Performance Improvement Plan initiatives, which has driven faster revenue growth and improved profitability during the period. We are on a journey to transform both the customer experience and financial performance of this organisation and we remain on track to make good progress on both these fronts,” commented Ruth.
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