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Electronics products maker Electrocomponents said it expected annual profit to be around the top end of the consensus range following a strong fourth quarter of performance.
We expect adjusted pre-tax profit for the year ended 31 March 2021 to be around the top end of the consensus range of between £171.1 million to £179.8 million.
Margins in the second half of the year, were likely to be lower than first half due to continuing cost pressures in freight, a regional mix effect and inventory provisions, the company said.
'The last two weeks of the period saw a material improvement in revenue growth against weaker comparatives when most of EMEA entered the first COVID-19 lockdowns,' it added.
Fourth-quarter like-for-like revenue growth of 12%.
'Looking forward to the year ahead, we are well positioned to deliver ongoing growth in line with expectations,' the company said.
At 8:05am: (LON:ECM) Electrocomponents PLC share price was 0p at 814p