Business
Interim Results
Interim Results.
About this update from Rs Group Plc
[{"type":"text","content":"\n RNS Number : 8664H Electrocomponents PLC 11 November 2008 \n \nEmbargoed to 7.00am\nTuesday 11 November 2008\n\nHALF-YEARLY FINANCIAL REPORT \n\nElectrocomponents plc, the leading high service distributor to engineers worldwide, today announces its results for the half year ended 30 September 2008.\n\nSUMMARY RESULTS\n\n\n\n\n\n\n\n\nH1 2008/09\n\n\nH1 2007/08\n(restated)\n\n\nChange \n(reported\nforeign\nexchange)\n\n\nChange \n(constant\nforeign \nexchange)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Revenue\n\n\n£488.1m\n\n\n £443.8m\n\n\n10.0%\n\n\n 0.8%(1)\n\n\n\n\n Profit before tax - headline\n\n\n£42.2m\n\n\n£37.3m\n\n\n13.1%\n\n\n 6.8%\n\n\n\n\n Profit before tax - reported\n\n\n£59.2m\n\n\n£36.3m\n\n\n63.1%\n\n\n 54.2%\n\n\n\n\n Earnings per share - headline\n\n\n6.6p\n\n\n5.7p\n\n\n15.8%\n\n\n\n\n\n\n\n Earnings per share - reported\n\n\n9.4p\n\n\n5.5p\n\n\n70.9%\n\n\n\n\n\n\n\n Interim dividend per share\n\n\n5.0p\n\n\n5.8p\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n (1): Day adjusted growth\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial Highlights\n\n\n\nHeadline profit before tax growth of 13% (7% at constant foreign exchange); headline EPS up 16%.\n\n\nInternational sales growth of 3%: strong North American and Asia Pacific growth, 1% decline in Europe.\n\n\nStrong growth in emerging markets including 40% growth in China.\n\n\nUK profit growth despite 3% sales decline.\n\n\nHeadline operating costs reduced by 0.9% points of sales.\n\n\nReported profit before tax benefited from changes to the UK defined benefit pension scheme.\n\n\nRobust financial position with strong cash flow of £38.5m and interest cover of 14 times.\n\n\n£256m committed bank facility completed in September 2008 with four year maturity. \n\n\nInterim dividend of 5p per share, as previously announced.\n\n\n\nOperational Highlights\n\n\n\nSuccessful launch of electronics production packaging capability across the UK and Europe.\n\n\nAbove market growth of the high margin own br...