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Shares of Electrocomponents plc (OTCMKTS:EENEF – Get Rating) have been assigned an average rating of “Buy” from the six ratings firms that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among […]
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25 May 2021 | 07:32am
StockMarketWire.com - Electrical and industrial products group Electrocomponents reported a fall in annual profit as lower margins offset a rise in revenue.
For the year ended 31 March 2021, pre-tax profit fell 19.5% to £160.6 million year-on-year, while revenue climbed 2.5% to £2.0 billion.
Gross margin fell 1% to 42.7%, driven by increased freight costs, inventory provisions and regional mix, the company said.
The company raised its full-year dividend by 3.2% to 15.9 pence per share.
Looking ahead, the company said it had carried strong momentum into the new financial year, and we are excited about the opportunities we see through our Destination 2025 strategic roadmap to drive profitable market share growth and operational efficiencies.