July 3, 2017 / 7:17 AM / 2 months ago

Electrocomponents Q1 revenue rises 13 pct on strength in Europe, Asia

July 3 (Reuters) - Electrocomponents Plc said on Monday its first-quarter revenue rose 13 percent, helped by strong growth in Europe and Asia.

The company, which distributes more than 500,000 electrical products, said revenue from Asia jumped 18 percent in the quarter ended June 30.

Revenue from Europe, which contributed about 61 percent of its revenue for the year ended March 31, rose 11 percent in the quarter.

Electrocomponents said it expected gross margin to be broadly stable in the first quarter of the year ending in March 2018 compared with a year earlier, and similar to the 43.6 percent margin it recorded in the first half of the year that ended in March this year.

The company also said it was on track to deliver 5 million pounds ($6.5 million) of additional annualised cost savings this year, bringing the total savings to 30 million pounds by March 2018.

Electrocomponents said the consolidation of its Oxford-based head office and its London-based digital operations into a single office would lead to an exceptional charge of about 4 million pounds in the first half of the year.

$1 = 0.7693 pounds Reporting By Justin George Varghese; Editing by Amrutha Gayathri

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