Electrocomponents hammered by sterling movements as chief executive to step down
THE BRITISH distributor of electronic products for engineers, Electrocomponents, posted 2.8 per cent revenue growth to £616.4m in the first half of the year to 30 September yesterday.
However, it saw a 16.1 per cent slump in profits hit by fewer trading days and currency movements.
Long-serving boss Ian Mason, who announced his departure from the firm at the same time, told CityAM: “I’m very confident [growth] will come through, given a fair economy. If you look at the three per cent growth of the group you can be a glass half full, that we’ve maintained three per cent while the economy got tougher.”
Mason said he would continue to work with the company on succession planning leading up to his departure in March, but said he had nothing to announce on succession or his next plans yet.
Shares tanked 12.02 per cent on the news that profits had fallen to £37.4m and on Mason’s departure and closed at 206.50p.