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BUZZ-Electrocomponents Plc: Down on CEO exit, lower H2 sales outlook

Thu, 13th Nov 2014 13:13

** Shares in Electrocomponents Plc a Britishdistributor of electronic products for engineers fall as much as7.4 pct after co warns on sales and says CEO to step down at endof financial year after 13 years at the helm.

** Electrocomponents reported a 16 pct fall in H1 headlinepretax profit as fewer trading days and a strong pound cut intoearnings.

** Group Finance Director Simon Boddie told Reuters in Maythat the strong pound would have a small impact on profit forthe year ending March 2015.

** Electrocomponents maintained its interim dividend at 5pence.

** "The numbers are below our 1H estimates, while a lack ofimprovement in growth into 2H will see FY forecasts come downonce more," said RBC Europe analyst David Greenall. He indicateda "negative" sentiment on the stock. (RM: noor.hussain.thomsonreuters.com@reuters.net)