Electronic slowdown
FIRMS ordering fewer electronic parts sparked a UK slowdown for Electrocomponent but its international business did better.
UK business boosted sales by 2 per cent in the second quarter against 5 per cent for the first half as a whole as small and medium-sized businesses cut spending on supplies.
Group revenue for the six months to the end of September rose 11 per cent, with international business up 14 per cent.
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Chief executive Ian Mason said the market was difficult. “Our large corporate and small customers have been doing well, our ones in the middle found life a bit tougher,” he said.
Electrocomponents has two divisions, electronics and maintenance tools, selling products ranging from batteries and cables to safety equipment in 32 countries.
Fewer electronic parts orders sparked a UK slowdown for Electrocomponent
The group said total revenue grew about 5 per cent in September, with its international business, which represents 70 per cent of sales, up 7 per cent.
The UK declined about 1 per cent. E-commerce revenue grew about 27 per cent and now represented more than half of group sales against a 70 per cent target in the medium term.
