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Electrocomponents revenue falls 11% in Q1

By BFN News | 07:47 AM | Tuesday 07 July, 2020


Electrical products supplier Electrocomponents reported a fall in revenue in its fiscal first quarter as the Covid-19 pandemic weighed on performance. First-quarter like-for-like revenue fell 11% on-quarter, with the decline led by weaknesses in Northern and Southern Europe. Overall, EMEA saw the 'most significant improvement across the quarter with continued share gains, while Americas has seen more limited recovery to date,' the company said. Digital revenue, meanwhile, declined 12% on a like-for-like basis as e-procurement revenue underperformed amid temporary reduced demand from some key corporate customers. Looking ahead, Electrocomponents said it would continue to implement measures to converse cash. 'Given the current operating environment remains uncertain, we remain highly focused on protecting profit and conserving cash,' the company said. Story provided by StockMarketWire.com

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