- Industrial and electronics products supplier Electrocomponents said it expected to deliver 'strong' adjusted pre-tax profits growth amid good performance in the fourth quarter

'We have made good progress in Q4 and remain on track to deliver strong growth in adjusted profit before tax for the year in line with expectations,' the company said.

Revenues grew 8% for the full year, helped by 8% growth in the fourth quarter, with all regions delivered like-for-like revenue growth.

Europe, the Middle East and Africa significantly outperformed delivering 10% like-for-like growth, while Americas grew closer in line with the market, the company said.

Digital like-for-like revenue growth was 9% in the fourth quarter and 9% for the full year, and RS Pro grew like-for-like revenue at 12% in the quarter and 12% for the full year.

'We have delivered £4 million of savings from the second phase of the Performance Improvement Plan in 2019 and remain on track to deliver cumulative annualised savings of £12 million by March 2021,' Intu said.

The company also said it invested an additional £26m in inventory to protect its service levels around the UK's exit from the European Union, but stressed this was a short-term investment and inventory would return to normal levels over time.

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