LONDON (dpa-AFX) - Electrocomponents plc (ECM.L), a distributor of industrial and electronics products, reported Thursday that its second-quarter like-for-like or LFL revenue declined 4 percent, compared to an 11 percent drop in the preceding first quarter.
In its trading update, the company said its first-half LFL revenue declined 7 percent with decline in all regions.
Looking ahead, the company noted that COVID-19 related issues impacting first-half profitability are expected to ease somewhat in the second half.
The weak sales in the quarter reflected a 3 percent drop in total EMEA region, 7 percent in Americas and 1 percent in Asia Pacific. Second-quarter LFL revenues in emerging markets fell 24 percent.
In the first half, the company expects 9 million pounds COVID-19 related costs. Gross margin is about 60 basis points lower after inventory provisions and increased inbound freight costs.
Net Promoter Score, a customer service metric, has improved year-on-year in all regions.
CEO Lindsley Ruth said, 'While we remain cautious with respect to the ongoing COVID-19 situation, I am confident in the Group's prospects and we are well placed to take advantage of the significant growth opportunities we see.'
Electrocomponents will publish first half results on November 10.
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