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Electrocomponents Closes H1

OXFORD, UK — Electrocomponents plc, the leading high service distributor to engineers worldwide, today announces its results for the six months ended 30 September 2010.

Financial Highlights

• Strong underlying sales growth of 24%, with all regions in double digit growth.
• Gross margin stable through the first half.
• Significant cost leverage with operating costs reducing by 5% points of sales to 37%.
• More than doubling of profit before tax to £50.5m.
• Return on sales increasing by 3.4% points to 9.5%.
• Free cash flow of £33.6m representing nearly 100% cash conversion.
• Strong balance sheet with interest cover of 21.9x and net debt to EBITDA of 1.2x.

Strategic Highlights

• International business now contributing 70% of Group sales with 30% sales growth in first half.
• Strong electronics performance with 87% growth in semiconductors (ICs) and 18k new products.
• Successful launch of DesignSpark, our leading online design tool, with 150k visitors in first 3 months.
• eCommerce sales growth of 42% led by North America at more than 100%.
• eCommerce revenue share up from 41% last year to 47%, exiting at 48%.
• Successful large customer acquisition programme with 19 account wins in the UK and Europe.
• European mass marketing campaigns driving double digit increase in average order frequency.

{complink 12836|Electrocomponents plc}

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