- Industrial and electronic equipment supplier Electrocomponents reported a 37.5% drop in pre-tax profit to £55.6 million but reinstated a first half dividend which was up 3.4% year-on-year.

The company posted a like-for-like drop in revenue of 7.3% to £908.9 million for the six-month period to 30 September. Free cash flow was up from £13.9 million to £85 million and net debt fell from £220.7 million to £114.8 million.

Commenting on current trading Electrocomponents said that the first five weeks of its second half had seen 'momentum across all regions'.

CEO Lindsley Ruth said: 'We are in difficult and uncertain times and we remain cautious about the economic outlook.

'However, what has become clear, especially over recent months, is that our value-added solutions offer provides competitive advantage, gross margin support and customer engagement that ensures customers are won and retained.

'Meanwhile our industry-leading omni-channel proposition positions us well versus peers. The operational building blocks and financial strength are in place for Electrocomponents to accelerate future growth and deliver ongoing outperformance.'

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