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Annual Results

Electrocomponents excited about significant potential

23 May 2017 08:17

Headline pre-tax profits at Electrocomponents rose to £128.0m in the year to the end of March - 66.7% up on last time on a reported basis and 35.7% higher on an underlying basis.

Revenues rose to £1,511.7m from £1,291.1m and headline operating profits of £133.2m were up from £82.0m last time.

Reported pre-tax profits rose to £127.1m from £34.9m with earnings per share up 318.0% at 20.9p.

Chief executive Lindsley Ruth said: ""Over the last two years, we have significantly strengthened our leadership and begun to refocus the business back on what lies at its heart, the customer and the supplier.

"'Getting the basics right' is now delivering strong top line growth, stable gross margins, improved efficiency, and significant growth in profits and cash flow.

"With a stronger balance sheet, we are pleased to return to growing our dividend. We have taken a major step forward. "From this stronger platform we are focused on the next step change in the performance of this organisation.

"Having reconfirmed our strategic priorities and identified concrete transformation initiatives to drive future performance, we remain excited about the significant potential for further improvement and growth."

At 8:17am: (LON:ECM) Electrocomponents PLC share price was +14.25p at 552.75p

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