Source - SMW
Electrocomponents said  underlying revenue growth remained strong at 14% as all of its five regions continued to see double-digit underlying revenue growth and expects to deliver stable gross margin for the full year to March 2018.

In a trading statement covering four months to 31 January 2018, the company said it experienced strong momentum in digital with 15% underlying revenue growth in the period reflecting success with its digital marketing strategy and improved online experience.

The company also reported underlying revenue growth at RS Pro grew at 14% during the period compared to 10% in the first half of the year.

The company expects to complete the first phase of its performance improvement plan and deliver cumulative annualised savings of £30 million by the end of the financial year. 

Lindsley Ruth, Chief Executive Officer, said: 'Our performance year to date has been pleasing and we are confident of delivering strong progress in the current financial year.'

'The first phase of the Performance Improvement Plan is now complete, but we still believe we have a significant further opportunity to improve efficiency and reduce complexity allowing continued strong growth at higher operating margins. We remain excited by the opportunity for growth and improvement.' 

At 8:02am: (LON:ECM) Electrocomponents PLC share price was +1.8p at 613.2p