Electrocomponents says 4 month like-for-like revenue growth 6%
RS Group
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17:05 18/04/24
Electrocomponents said group like-for-like revenue growth was 6% in the four months to January 31.
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January like-for-like revenue growth was above the average for the period, after December was impacted by the timing of holidays, the company added, with EMEA, the Americas and Asia-Pacific reporting positive revenue trends.
Within EMEA, the company's emerging markets operations, representing 4% of EMEA revenue, was impacted by lower Raspberry Pi sales.
Electrocomponents' own-brand RS Pro range continued to outperform the group growth rate with 10% like-for-like growth, while digital revenue saw 8% like-for-like revenue growth.
“We remain focused on initiatives to simplify and scale our business and to generate further efficiency. We are on track to deliver £4m of savings this financial year from the second phase of the performance improvement plan, with cumulative annualised savings of £12m by March 2021,” the company said.
Chief executive Lindsley Ruth said the company continued to have a “significant market opportunity and are confident in our ability to drive share gains irrespective of the market backdrop".