Electrocomponents PLC (LON:ECM) saw its shares gain over 3% on Thursday after the electronics distributor said its full-year results are likely to come in ahead of its previous expectations.
In a trading update, the FTSE 250-listed firm said like-for-like revenue for the year ended March 31 was up 13%, following 10% growth in the fourth-quarter, driven by double-digit gains across all its regions.
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The group added that gross margins performance was also "better than expected."
Electrocomponents said, as a result, its full-year adjusted pretax profit is expected to be "slightly ahead" of the top end of the £161.8mln to £171.0mln market consensus range.
For the year ended March 31, 2017, Electrocomponents reported pretax profit of £128mln on revenue of £1.51bn.
The group also said the first phase of its cost savings plan had generated cumulative annualised savings of £30.0mln, with new initiatives being pursued.
In early morning trading, Electrocomponents’ shares were 3.2% higher at 596.8p.
The firm said it will release its full-year results on May 24.