StockMarketWire.com - Electrocomponents reported Tuesday first-half profits increased by more than a fifth led by strong growth in its digital segment.

For the six months ended 30 September, pre-tax profits rose 22.9% to £93m and revenues increased 10.7% to £911.8m.

Digital, which accounted for around 61% of group revenue, saw like-for-like revenue growth broadly in line with the group at 9.7%, the company said.

All three geographic regions - EMEA, the Americas and Asia Pacific - saw strong like-for-like growth and market share gains in the first half of the year, it added.

Growth was also bolstered by the IESA acquisition, which contributed £11.0m to revenue during its first four months within the group, Electrocomponents said.

'We are making progress on our journey to become first choice for customers, suppliers and employees and have delivered a good performance in the first half with strong like-for-like revenue growth, market share gains and improved profitability,; said Lindsley Ruth, Chief Executive Officer. .

'We have seen a good start to the second half of the year with around 7% like-for-like revenue growth in the first seven weeks of H2. While the external environment in some of our key markets is uncertain, we remain focused on driving organic performance, growing our market share in all three regions and managing our cos base.'

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


At 9:16am: [LON:ECM] Electrocomponents PLC share price was -32p at 579.6p



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