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Electrocomponents Reports Revenue Growth, Improved Profitability In FY

Electrocomponents plc (ECM.L), a global multi-channel provider of industrial and electronic products and solutions, reported that its adjusted pretax profit was up 20.8% on a like-for-like basis for the year ended 31 March 2019. Revenue growth was 10.5%, with like-for-like improvement of 8.3%, supported by strong market share gains in EMEA as well as in the Americas. Overall, the Group believes it is well positioned to make good progress in the current financial year.

For the fiscal year, profit before tax was up 15.8% to 195.2 million pounds from 168.6 million pounds, prior year. Earnings per share was 33.2 pence compared to 33.6 pence. Adjusted profit before tax was up 23.9%, 20.8% on a like-for-like basis, to 214.5 million pounds. Adjusted earnings per share was 36.7 pence compared to 28.1 pence.

Fiscal year revenue increased to 1.88 billion pounds from 1.70 billion pounds, previous year. Digital and RS PRO outperformed Group growth with like-for-like revenue growth, Electrocomponents noted.

The Board proposed to increase the final dividend to 9.5 pence per share. This will be paid on 25 July 2019 to shareholders on the register on 14 June 2019. The total proposed dividend for the financial year will be 14.8 pence per share, representing an increase of 11.7% over the 2018 full-year dividend.

In the first seven weeks of the new fiscal year, the Group recorded a moderation in like-for-like revenue growth. For the month of April, the Group reported low single-digit like-for-like revenue growth, with performance impacted by the timing of holidays. In May, Group like-for-like revenue growth was closer to the trends seen during fourth quarter, the Group said.

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