StockMarketWire.com - Electrocomponents saw annual profits rise following 'strong' market share gains in Europe, the Middle East, Africa as well as in the Americas.

For the 12 months ended 31 March, pre-tax profits rose 15.8% to £195.2m to £93m and revenue increased by 10.5% to £1.89bn.

Group gross margin increased by 0.5% to 44.5% for the year.

All three of its geographic regions - EMEA, the Americas and Asia Pacific - saw like-for-like revenue growth.

EMEA, which accounted for 64% of group revenue, saw revenue increase 11.7% and 8.5% on a like-for-like basis, to £1,210.0m. The Americas, which accounted for 26% of total revenue, increased revenue by 9.7%, and 8.6% on a like-for-like basis, to £483.6m for the year.

Asia Pacific, which accounted for 10% of group revenue, saw revenues increase 5.4% and 6.2% on a like-for-like basis, to £190.8m

Digital and RS PRO segments outperformed group growth with like-for-like revenue growth of 8.9% and 11.6%, respectively, the company said.

But like-for-like revenue growth in the first seven weeks of the new fiscal year had moderate, the company said. April saw low single-digit like-for-like revenue growth, with performance 'impacted by the timing of holidays,' it added.

But May had started 'encouragingly with Group like-for-like revenue growth closer to the trends seen during Q4 2019.'

'EMEA (64% of revenue) continues to see good growth and market share gains, which is more than offsetting softness in the Americas (26% of revenue). Asia Pacific (10% of revenue) continues to see similar trends to Q4 2019,' Electrocomponents said.


At 8:57am: [LON:ECM] Electrocomponents PLC share price was +27.2p at 633.8p



Story provided by StockMarketWire.com