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Electrocomponents FY20 Profit Rises; FY21's 8-week LFL Revenue Down Due To Covid-19

Electrocomponents plc (ECM.L) reported Tuesday that fiscal 2020 profit before tax increased 2.3 percent to 199.6 million pounds from 195.2 million pounds a year ago.

Earnings per share were 34.7 pence, up 3.9 percent from 33.4 pence a year ago.

Adjusted profit before tax was 215 million pounds, compared to 214.5 million pounds last year. Adjusted earnings per share were 37.7 pence, compared to 37 pence a year ago.

Adjusted operating profit edged up 0.2 percent to 220.7 million pounds from 220.3 million pounds last year.

Revenue increased 3.7 percent to 1.95 billion pounds from last year's 1.88 billion pounds last year. Like-for-like revenue growth was 2.2 percent, driven by continued share gains with growth in all three regions.

Further, the company said its Board has decided it is prudent to defer the final dividend decision until it has greater visibility. At the half year, it will review making an additional interim dividend for 2020

Regarding the current trading, the company noted that demand levels have been negatively impacted as the COVID-19 lockdown measures became more extensive across its key markets throughout April and May.

Group like-for-like revenue declined 14 percent during the first eight weeks of the new year ending March 31, 2021. EMEA saw a decline of 18 percent with Northern Europe declining by 19 percent, Southern Europe declining by 21 percent and Central Europe declining by 13 percent.

Further, like-for-like revenue in Americas fell 10 percent and in Asia dropped 2 percent.

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