LONDON (Reuters) - Electrical parts supplier Electrocomponents (ECM.L) said first-quarter sales fell 17 percent but that conditions in its major markets had continued to stabilise since the final quarter of last year.
The company, which distributes a range of items including cables, tools and semiconductors, on Friday said underlying revenues in the UK fell 14 percent, while international sales were 19 percent lower in the quarter to the end of June.
Electrocomponents, which operates as RS Components in the UK and Allied in the United States, said it was on track to deliver annualised cost savings of around 18 million pounds of which around 15 million pounds are expected to be realised this year.
“The group’s revenue trend has been stable over the last six months with reduced costs year on year and strong cash flow. The group is well positioned for the future,” Chief Executive Ian Mason said in a statement.
Shares in Electrocomponents, which have lost 11 percent of their value in the last month, closed at 139 pence on Thursday, valuing the group at around 605 million pounds.
Reporting by Rhys Jones; editing by James Davey