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Home > News > Industry News > Electrocomponents reports grow.....

Electrocomponents reports growing Q1 sales, moves HQ to London

  • Author:Ella Cai
  • Release on:2017-07-04
Distributor Electrocomponents has reported sales growth for its first quarter and announced plans to move its headquarters to London from Oxford.

The business, the parent company of RS Components, today reported underlying revenue up 13% in the first three months of its financial year that began on 1 April. 

In a trading statement this morning, the company said that its end markets “continued to be strong” and that it had gained market share in the quarter due to improved customer service, online experience and sales effectiveness. 

Lindsley Ruth (23) - 300dpi - 440-330Its ecommerce business, which represents around 60% of sales, saw 13% year-on-year sales growth on the back of growing investment in digital marketing. 

The statement also said the company was consolidating its Oxford-based head office and its London-based digital operations into a single head office and digital hub in London, at Kings Cross. The move will lead to an exceptional charge of around £4 million in the first half of the year, the company said. 

“We have had an encouraging first quarter and while it remains early days, it is pleasing to see our focus on the customer, improved execution and increased sales effectiveness driving strong results across the business,” said chief executive Lindsley Ruth (pictured). 

“Whilst the external macro environment remains uncertain, we have a strong platform and concrete transformation initiatives and we remain confident of delivering good progress in the current financial year.”