(Alliance News) - Electrocomponents PLC on Monday said revenue has declined in the past week amid the Covid-19 outbreak.
The electrical products distributor said that although demand was not hurt in the week to the end of March 15, markets where public mobility has been most restricted - such as Italy and France - have seen demand decline. As a result, revenue has been hurt.
Like-for-like revenue growth in the 11-week period to the end of March 15 was around 4% with Asia Pacific recording 11% growth, Americas recording 3% growth and in Europe, Middle East & Africa up by 3%.
However, in the week to the end of March 22, revenue declined by a "high single-digit decline", the company said.
Electrocomponents said that it currently expects adjusted pretax profit for its financial year to the end of March in the bottom end of consensus - which is between GBP209.2 million to GBP216.0 million - but warned that the rapidly-evolving station makes to difficult to fully assess the extent to which trading will be hurt.
As at February 29, the FTSE 250-listed company had undrawn facilities of around GBP180 million. Net debt stood at GBP209 million.
The stock was trading 3.1% lower at 456.90 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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