There’s no sign of momentum letting up at Electrocomponents. Revenues were up 21 % in Q3 on a like for like basis and in the nine month to December last year revenues rose 25 % on a two-year comparison with 2019 and 2020.
In Q3 EMEA revenues grew 14 %, Americas revenues soared 35 %, and Asia-Pacific jumped 25 %.
The company said that EMEA’s performance reflects a greater focus on higher returning activities and customers.
“Each market is taking share with the strongest outperformance in Germany driven by the new management team and sales approach. Our German distribution centre expansion will support further operational benefits going forward.”
The company cited investment made in driving a more proactive, digitally focused and sales-led culture, with strong availability and a wider product offer from our expanded distribution centre pushed Americas’ outperformance.
Asia Pacific is delivering strong market share gains in the industrial product ranges through a refocused sales process, greater digital penetration and increased inventory holding in the region.
Industrial products revenues which now make up 75 % of Electrocomponents revenues grew 20% on a like-for-like basis in Q3. In the same period the RS Pro brand revenues were up 11 % while taking on tough comparatives.
Web Q3 like-for-like revenue increased by 27%, with like-for-like digital participation of 64%.
Commented Lindsley Ruth, Electrocomponents CEO, “Our strong trading momentum continued into the third quarter, thanks to the exceptional effort of our people as we worked closely with our suppliers and customers in the challenging environment. Our product availability and breadth, service and solutions offer and omni-channel capabilities have driven further market share gains. As we enter Q4 we are mindful of external pressures, including the Omicron variant and supply chain constraints, although our better than expected Q3 trading means we expect full year profit to be slightly ahead of consensus estimate. We continue to take advantage of significant market share opportunities to drive further profitable growth.”
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