(Alliance News) - Electrocomponents PLC on Tuesday reported a rise in revenue in the four months to the end of January, and also said Chief Executive Lindsley Ruth will be returning to the company following a temporary leave of absence.
Shares in the electrical products distributor were up 4.8% in London on Tuesday morning at 703.20 pence each.
In early November, Ruth was granted temporary leave whilst he received treatment for a medical condition. He was expected to return following a short period of recovery.
He will now take back the role from Chief Financial Officer David Egan, who had assumed his CEO duties, on Monday next week.
Chair Peter Johnson said: "We are delighted that Lindsley is now fit and able to return to his role as chief executive officer. In Lindsley's absence the business has continued to perform well under the leadership of David Egan and the senior management team. They have remained focused on executing our strategy to deliver sustained growth over the long term and the board thanks them for the excellent job they have done and continue to do."
Turning to sales, Electrocomponents said that in the four months to January 31, group revenue was up 2%.
Sales in Northern Europe and Southern Europe were both up 3%, but Central Europe saw a fall of 4%. Emerging markets sales rose 8% in the four-month period.
Commenting on the company's performance, Egan said: "During the first four months of the second half we have executed well, driving market share gains against an uncertain market backdrop. We continue to actively manage our operating costs, while increasing investment in strategic initiatives to position the business for the significant longer-term market opportunity.
"Whilst our markets are challenging, we remain well positioned to deliver good progress."
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
