(Sharecast News) - Industrial and electronic products distributor Electrocomponents said on Thursday that it had recorded a "resilient" interim trading performance, despite impacts stemming from the Covid-19 pandemic.
Electrocomponents said like-for-like revenue slipped 7% in the six months ended 30 September, with an 11% fall seen in the first quarter and a 4% decline in the second.
The FTSE 250-listed group added that pressure to profits as a result of the coronavirus was expected to "ease somewhat" in the second half of the year from the £9.0m worth of extra charges incurred in the first half due to higher costs from outbound freight charges and inefficiencies.
Electrocomponents also highlighted that it had made progress in simplifying its operating model to accelerate growth, some it anticipates will drive "significant" savings in the medium-term.
Chief executive Lindsley Ruth said: "I am very encouraged by the strength and resilience the group has shown through Covid-19 with trading performance and market share continuing to improve.
"While we remain cautious with respect to the ongoing Covid-19 situation, I am confident in the group's prospects and we are well placed to take advantage of the significant growth opportunities we see."
As of 0835 BST, Electrocomponents shares were up 2.14% at 739.0p.
3 May 2022 16:41
IN BRIEF: Electrocomponents name change to RS Group confirmed
Electrocomponents PLC - London-based industrial and electronic products distributor - Changes its name to RS Group PLC. The company previously announced its intention to change name on March 30. Adds its ISIN will remain unchanged and the change of name will not affect any shareholder rights.
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