Electrocomponents up on revenues news

Shares in FTSE 250 parts distributor Electrocomponents (LON:ECM) rose by 6.43% to 589.20p (as of 15:15 GMT) after the company announced a 6% jump in group like-for-like revenues for the 4 months to 31st January. Emerging markets were stationary but there was strong growth in Northern and Central Europe as well as the Americas.

CEO Lindsley Ruth commented: “Despite ongoing macro-economic uncertainty, we have seen a good first four months of the second half of the year with 6% like-for-like revenue growth. We continue to have a significant market opportunity and are confident in our ability to drive share gains irrespective of the market backdrop. Good progress is being made at building a leaner and more scalable model capable of driving higher operating profit margin. We remain well positioned to make strong progress in the current financial year“.