Electrocomponents like-for-like revenue up 6%, margins steady

Industrial and electronics products supplier Electrocomponents said it had posted 6% growth in like-for-like revenue in the fourth months through January on-year.

The company said it continued to expect stable gross margin in its base business for the full year through March.

It was also on track to deliver £4m of savings this financial year, with cumulative annualised savings of £12m by March 2021.

'Despite ongoing macro-economic uncertainty, we have seen a good first four months of the second half of the year,' chief executive Lindsley Ruth said.

'We continue to have a significant market opportunity and are confident in our ability to drive share gains irrespective of the market backdrop.'

'Good progress is being made at building a leaner and more scalable model capable of driving higher operating profit margin.'

'We remain well positioned to make strong progress in the current financial year.'

At 8:33am: (LON:ECM) Electrocomponents PLC share price was +11.4p at 565p