Electrocomponents PLC Trading Statement (1753S)
07 Julio 2020 - 1:00AM
UK Regulatory
TIDMECM
RNS Number : 1753S
Electrocomponents PLC
07 July 2020
Electrocomponents plc today issues a trading update for its
first quarter ended 30 June 2020
Like-for-like revenue growth(1)
Region Q4 to March 2020 Q1 to June 2020
Northern Europe (1)% (14)%
Southern Europe (5)% (13)%
Central Europe (5)% (10)%
Emerging markets 20% (1)%
------------------ ----------------- ----------------
Total EMEA (3)% (13)%
Americas 1% (9)%
Asia Pacific 6% (4)%
Group (1)% (11)%
-- Our business model has proven resilient during the COVID-19
crisis. All our distribution centres remain operational and,
through our digital capabilities, we have been able to continue to
deliver a reliable service to customers and suppliers.
-- Q1 revenue declined 11% on a like-for-like basis with trading
trends improving across the quarter as mobility restrictions eased
in our key markets. The Group exited the quarter with a
like-for-like revenue decline of 7% in June.
o EMEA saw the most significant improvement across the quarter
with continued share gains, while Americas has seen more limited
recovery to date.
o Asia Pacific saw continued growth in Greater China and
Australia offset by the impact of lockdowns in other markets.
o Digital revenue declined 12% on a like-for-like basis. Website
revenue performed closely in line with the Group trend, however,
e-procurement revenue underperformed due to temporary reduced
demand from some key corporate customers.
o RS PRO revenue declined 3% on a like-for-like basis, with a
return to growth in June.
-- We continue to take actions to maintain, and where possible improve, gross margin.
-- Cash collection is being monitored closely and, to date, we
have not seen any significant adverse impact from COVID-19 on
receivables collection.
-- We have further strengthened the balance sheet, signing an
additional GBP100 million facility with our relationship banks on 2
June 2020 to extend our total committed facilities to over GBP450
million, of which around GBP290 million remains undrawn. We remain
confident that we have sufficient liquidity under a range of
demanding scenarios.
-- We continue to closely monitor the evolving COVID-19 crisis
and ensure we balance the needs of all our key stakeholder groups
in our response:
o Prioritising the health and safety of our employees as we
cautiously reopen offices.
o Maintaining a reliable service to our customers and
suppliers.
o Continuing to play an active role in our communities and in
the fight against COVID-19.
-- Given the current operating environment remains uncertain, we
remain highly focused on protecting profit and conserving cash. We
are making good progress on our work to further simplify our
operating model which we expect to drive significant savings in the
medium term. We are also accelerating key strategic initiatives to
drive scale and efficiency to ensure we continue to gain market
share and come out of this crisis well positioned for long-term
value creation.
LEI: 549300KVXDURRKVWR37
Enquiries:
David Egan Chief Financial Officer 020 7239 8400
Polly Elvin Head of Investor Relations 020 7239 8427
Natasha MacKenzie Investor Relations Manager 020 7239 8496
Martin Robinson / Olivia Peters Tulchan Communications 020 7353 4200
Notes:
1. Like-for-like revenue growth is growth in revenue adjusted to
eliminate changes in exchange rates and trading days year on year.
2020 is converted at 2021 average exchange rates for the
period.
2. Our profit remains sensitive to movements in exchange rates
on translation of overseas profits. Average exchange rates for the
year ended 31 March 2020 for euro and US$ respectively were EUR
1.14 and $1.27 respectively. Every 1 cent movement in the euro has
a circa GBP1.4 million impact on annual profit. Every 1 cent
movement in the US $ has a circa GBP0.5 million impact on annual
profit.
3. In the year ending 31 March 2021 we expect to see a negative
impact of around GBP3 million on revenue from fewer trading days
compared with the year ended 31 March 2020.
Electrocomponents plc - Conference Call Dial in Instructions
Date: Tuesday 7 July
UK Time: 08.00
Telephone number: UK: 0800 279 6619
International: +44 (0) 20
7192 8338
PIN: 7478088
Chair: David Egan
Electrocomponents plc - Replay Dial in Instructions (available
until Tuesday 21 July)
Telephone number: +44 (0) 333 300 9785
PIN: 7478088
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END
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