6th Feb 2019 08:35
LONDON (Alliance News) - Engineering firm Electrocomponents PLC said Wednesday it is making good progress on its improvement plan, as revenue grew in the four months to the end of January.
The FTSE 250-listed firm registered like-for-like revenue growth of 6% on the prior year for the period.
Electrocomponents also noted all three regions, Europe, the Middle East & Africa, and the Americas & Asia Pacific saw positive revenue trends.
Looking ahead, the company continues to expect a stable gross margin in its base business, which excludes acquisitions, for the full year to the end of March.
Electrocomponents "remains focused" on initiatives to simplify and scale its business and to generate further efficiency. The company is also on track to deliver GBP4 million of savings in its current financial year, with cumulative annualised savings of GBP12 million by March 2021.
"Despite ongoing macro-economic uncertainty, we have seen a good first four months of the second half of the year with 6% like-for-like revenue growth," said Chief Executive Lindsley Ruth.
"We continue to have a significant market opportunity and are confident in our ability to drive share gains irrespective of the market backdrop," added Ruth.
Electrocomponents shares were trading 2.3% higher on Wednesday at 566.40 pence each.
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