Electronic component distributor Abacus reported positive results for the year to September. Turnover increased 28% to £188m (£28m was from two new acquisitions) and pre-tax profits were up 22% to £9.3m. Like-for-like sales rose 9%. Much of the improvement stemmed from the company's UK and Ireland business, which grew its market share by 14%, without the benefit of any increase in product prices. 'Our continued focus on attracting new customers and providing new products to existing customers is paying off', said chief executive Martin Kent. Ababcus' Trident subsidiary, a display and related products specialist, did not perform as well as expected, as medical contracts did not take off, but Kent remains optimistic the business can develop into other areas. Sales for its Nordic and Italian operations remained static or declined slightly. In May, Abacus acquired the remaining 40% of Italian distribution business ECC. Identifying future growth markets, the group also bought UK-based wired and wireless communications focused distributor TDC for £2m. TDC is already profitable. Kent admitted the company is eyeing expansion into eastern Europe via acquisition, as manufacturing is strengthening in that region. In a stable market, the current 90 day order book across the group is up 3% and 8% in the UK. Pre-tax profits of £11m are expected for next year and with a prospective p/e of 13.7, the stock seems cheap for the sector. Buy.