- Industrial and electronic products distributor Electrocomponents deferred its final dividend amid uncertainty over the Covid-19 pandemic, as it reported a modest rise in annual profit.

The company said it was 'prudent to defer the final dividend decision until it has greater visibility,' though added that at the half-year, it would review paying an additional interim dividend for 2020.

For the year ended 31 March, pre-tax profit rose 2.3% to £199.6m on-year and revenue rose 2.2% to £1,953.8m.

As a result of British Steel entering compulsory liquidation on 22 May 2019, Electrocomponents had to write off £7.3m of receivables relating to transactions with British Steel before 22 May 2019, which were no longer recoverable.

Gross margin decreased by 0.8% to 43.7%.

Post year-end, performance continued to suffer from weaker demand as the impact of the Covid-19 lockdown measures became more extensive across the company's key markets throughout April and May.

Like-for-like revenue declined 14% during the first eight weeks of the new year ending 31 March 2021.

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