Electrocomponents PLC (LON:ECM) reported a return to revenue growth in all regions in the past quarter but higher costs.
However, because of elevated freight, labour and logistical costs due to the pandemic and Brexit, the industrial and electronics products supplier said its profit expectations for the year to end-March 2021 were unchanged.
For the four months to the end of January, like-for-like group revenues were up 8%, reversing a decline of 11% and 4% in the first and second quarters.
The Europe, Middle East and Africa (EMEA) region was up 7%, the Americas grew 10% and Asia Pacific showed the strongest growth, up 11%, with all regions having been in decline in the first two quarters.
While the UK delivered mid-single digit growth, with France slightly stronger and Germany low single digits, the FTSE 250-listed group said that the rate of growth in EMEA at the very end of the quarter “softened slightly”.
Chief executive Lindsley Ruth said, “the heightened freight, labour and logistical costs we are experiencing are likely to persist at a time of ongoing investment in our proposition.
“Despite these pressures, our confidence in our strategy remains strong: customers are increasingly valuing our solutions-led and omni-channel proposition, strong operational capabilities and first-class customer service, which have continued despite the challenging times.”