Electrocomponents growth disappoints

Electrocomponents, a British distributor of electronic products for engineers, reported two per cent growth in sales for the first seven weeks of its financial year, sending its shares down as much as 6.2 per cent in early trading. The company said yesterday its full-year headline pre-tax profit rose 7.4 per cent to £101.1m in the year ended 31 March, helped mainly by demand in Europe and North America. Revenue rose 2.1 per cent to £1.27bn. Electrocomponents – which distributes 500,000 products – said underlying sales in the UK declined 1.8 per cent. Shares closed down 2.9 per cent at 280.6p.