Electrocomponents shares climb on positive first half
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FTSE 250 Electrocomponents (LON:ECM) upped its group sales by 10% during the first half of 2018 with consistent sales growth across all regions. Management said that gross margins for the six months ended 30th September 2018 were stronger than last year, but that tougher comparative levels in the second half of 2018 would be harder to beat. However, it believes that this year will see progress on delivering stable gross margins in the company’s core business.
The board said it planned to make use of current momentum to increase investment in long term growth, with a particular focus on digital and customer acquisition in Asia Pacific.
Its share price rose by 3.4% to 743p (as of 12:10 BST).
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