- Electrocomponents reported Thursday adjusted pre-tax profits rose to £173.1m in the year to the end of March - 35.2% up on last time on a reported basis and 30% higher on an underlying basis and announced the acquisition of IESA for £88m.

Revenues rose to £1.70bn from £1.51bn and adjusted operating profits of £177.1m were up from £133.2m last time as all five regions that the company operates in saw double-digit like-for-like growth.

Reported pre-tax profits rose 32.7% to £168.6m from £127.1m while earnings per share was up 62.2% to 33.9p.

The company declared a full-year dividend of 13.25p, up 7.7%.

Having completed the first phase of its Performance Improvement Plan, Electrocomponents said it would target total annualised savings of £12m by 31 March 2021, with £4m in year to 31 March 2019.

'2018 has been a year of strong progress and significant growth in revenue, profitability and earnings. Our Performance Improvement Plan has delivered a major step forward in our quest to become first choice for customers, suppliers and employees but the opportunity for further growth and improvement still remains significant,' said Lindsley Ruth, Chief Executive Officer.

The company's £88m acquisition of IESA is expected to significantly enhance Electrocomponents value-added service proposition, proving additional capabilities to service corporate customers in areas such as sourcing, transaction process and inventory and stores management.

The transaction is expected to be accretive to group earnings per share and meet Electrocomponents' cost of capital in its first full year of ownership.

At 8:10am: [LON:ECM] Electrocomponents PLC share price was +42.4p at 670.8p

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