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The share price of FTSE 250 part distributor Electrocomponents (LON:ECM) has risen by 4.91% to 636.40p (as of 13:30 BST) as adjusted operating profits for the year ended 31st March climbed by 23.9%. Digital and the RS Pro outpaced the wider group. Gross margins also improved by 50 basis points following higher margin acquisitions.
Chief executive Lindsley Ruth commented: “Progress on our journey to become first choice for our customers, suppliers and employees has delivered another year of revenue growth, market share gains and improved profitability. Our opportunity remains large, our momentum is strong and we can continue to improve performance. The right investment in scalable infrastructure will deliver another step change in our progress, further differentiating customer experience, improving our efficiency and accelerating share gains. Therefore we are leveraging our strong financial position to accelerate capital investment in the strategic development of the Group to support sustainable long-term growth, whilst continuing to focus on tightly managing our operating costs in what remains an uncertain external environment. Overall, we believe we are well positioned to make good progress in the current financial year“.