Electrocomponents has reported modest growth in its latest trading update covering four months to the end of January. In EMEA, sales in northern Europe and southern Europe grew 3% and emerging market sales rose 8%.
A slow performance in Germany doomed Central Europe sales to a 4% fall.
Sales in the Americas and Asia/Pacific edged forward 2%.
Star of the show is the company’s RSPro products range where sales outpaced the Group with 10% like for like growth.
The company says overall trading remains consistent with the first six weeks of H2. It continues to see modest growth and continued market share gains despite ongoing uncertainty in some key underlying markets.
Industrial market share gains continued to offset ongoing softness in the Electronics market.
David Egan Chief Financial Officer of Electrocomponents commented: “During the first four months of H2 we have executed well, driving market share gains against an uncertain market backdrop. We continue to actively manage our operating costs, while increasing investment in strategic initiatives to position the business for the significant longer-term market opportunity. Whilst our markets are challenging, we remain well positioned to deliver good progress.”
The company also reported that Chief Executive Office Lindsley Ruth, who has been on medical leave since November is fit and will return to the Electrocomponents helm on February 10.