- Electrocomponents said Thursday a 'positive' market backdrop and 'strong' execution had improved profitability across the business.

Like-for-like revenue growth remained strong at 10% in the second quarter leading to first-half like-for-like revenue growth of 10%, the company said.

First-half adjusted profit before tax was expected to come in at around £100m, up from £79.0m a year earlier.

Electrocomponents warned of tougher gross margin comparatives in the second half of the year, but said that it remained on track to deliver stable gross margins in its base business for the full year.

The company said it remained on track to deliver £4m of cost savings in the current financial year following the implementation of its performance improvement plan.

'We continue to take advantage of the strong momentum in the business to increase investment to support future growth,' Electrocomponents said.

At 9:50am: [LON:ECM] Electrocomponents PLC share price was +26p at 744.6p

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