| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Pre-tax profit down 38% at Electrocomponents in first half
StockMarketWire.com
|
Industrial and electronic equipment supplier Electrocomponents reported a 37.5% drop in pre-tax profit to £55.6 million but reinstated a first half dividend which was up 3.4% year-on-year.
The company posted a like-for-like drop in revenue of 7.3% to £908.9 million for the six-month period to 30 September. Free cash flow was up from £13.9 million to £85 million and net debt fell from £220.7 million to £114.8 million.
Commenting on current trading Electrocomponents said that the first five weeks of its second half had seen 'momentum across all regions'.
CEO Lindsley Ruth said: 'We are in difficult and uncertain times and we remain cautious about the economic outlook.
'However, what has become clear, especially over recent months, is that our value-added solutions offer provides competitive advantage, gross margin support and customer engagement that ensures customers are won and retained.
'Meanwhile our industry-leading omni-channel proposition positions us well versus peers. The operational building blocks and financial strength are in place for Electrocomponents to accelerate future growth and deliver ongoing outperformance.'
Story provided by StockMarketWire.com
|
|
|
|
|
|
