Electrocomponents Q1 like-for-like revenue growth up 4%
RS Group
717.00p
11:44 26/04/24
Electrocomponents on Wednesday reported first quarter like-for-like revenue growth of 4% as continued strong growth in its industrial division more than offset an expected slowdown in electronics income.
FTSE 250
19,828.83
11:44 26/04/24
FTSE 350
4,458.86
11:45 26/04/24
FTSE All-Share
4,412.35
11:45 26/04/24
Support Services
10,574.24
11:45 26/04/24
The company added that 2020 first half gross margins would be hit by an expansion in inventory, but expected these to be “broadly stable” over the full year.
The electronics distributor said its EMEA region saw like-for-like revenue growth of 5%, predominantly driven by market share gains.
“We are seeing the strongest share gains in Northern Europe where our initiatives to improve the offer and drive value-added solutions are most advanced. We continue to focus on extending these initiatives across the broader region,” the company said in a trading statement.
In the Americas flat revenue trends reflected a softer market for industrial production, while in Asia Pacific the company continued to see strong growth in revenues in Australia and New Zealand and South East Asia, which more than offset declines in Greater China and Japan.