Electronics and maintenance products supplier Electrocomponents has reported a major surge in its fortunes.

The company, based at the Oxford Business Park, recorded a pre-tax profit of £114m for the year to March 31, a rise of more than 53 per cent, while turnover leapt by 21 per cent to £1.18bn.

Group chief executive Ian Mason said growth had been strong internationally with £10m of investment in China where a new warehouse has been built, while a new website has been launched for eastern Europe.

He added that the company’s UK market had also grown by 12 per cent.

“UK manufacturing is in a good place right now and the confidence has returned for purchasing managers,” he said.

“We are also taking share from small competitors who have had a difficult recession and have not been able to invest in their stock or develop their websites.”

Electrocomponents has recruited 1200 workers worldwide in the last year taking its total workforce to 6,500. More than 90 staff are based in Oxford.