StockMarketWire.com - Electrical products maker Electrocomponents said it expected to deliver pre-tax profit within the bottom range of market expectations, though warned performance may come under further pressure amid slowing growth as government measures to contain the Covid-19 outbreak intensify.

'While we currently expect to deliver adjusted pre-tax profit for the year ending 31 March 2020 around the bottom end of our current market consensus(3) range, it remains a rapidly evolving situation. It remains too early to assess the impact that the unfolding Covid-19 situation will have on trading in the year ending 31 March 2021,' the company said.

The updated outlook came arrived as the company noted that in the week ended 22 March, like-for-like group revenue growth had slowed to a high single-digit decline, with worsening revenue trends and varying volume levels between markets.

'Those markets where public mobility has been most restricted, such as Italy and France, are seeing the largest impact with volumes down significantly driven primarily by lower demand. Other markets, where restrictions are only just now being implemented, such as the UK and US, are seeing a more modest impact on revenue at this stage,' Electrocomponents said.


At 9:14am: [LON:ECM] Electrocomponents PLC share price was -25.8p at 445.8p



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