Electrocomponents has delivered a strong (and that might be an understatement) performance in its half year results with revenues soaring 33 % to £1.21 billion and pre-tax profits climbing 145 % to £136.1m.
CEO Lindsley Ruth commented, “Electrocomponents has delivered a very strong performance due to our differentiated offer and a robust market driving significant revenue growth and an improved operating profit margin on a one and two-year basis. Having repositioned the Group, we are now moving on to the next stage of our Destination 2025 strategy to drive stronger profitable growth. Integral to this strategy is our continued commitment to build a more sustainable and inclusive environment and today we launch the next stage of our ESG action plan, ‘For a better world’. With less than a one percent share of our global market and a strong proposition that is taking share, we have never been more confident of our growth opportunities despite the external challenges being faced.”
The group reports good growth in customer numbers, and says it has an active pipeline of acquisition opportunities to accelerate our growth aspirations.
Electrocomponents says that over the first five weeks of the second half it has continued to see further good momentum across all regions.
“This is being driven by both ongoing growth in market share and strength in our underlying markets. The external environment remains very challenging especially within the supply chain, and the resulting product shortages, with inflation putting pressure on freight and labour costs. Our teams continue to work on mitigating these pressures as best we can, with our sourcing expertise and early action ensuring our availability rates remain strong and thus we remain confident of all we can influence and plan for, but mindful of the external uncertainties being faced.”