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industrial and electronics products maker Electrocomponents lifted its guidance on annual performance after reporting that revenue grew by nearly a third in the first half of the year.
The company said it now anticipated full year revenue growth and adjusted operating profit margin to be slightly ahead of the guidance provided with our Q1 update.
The guidance given at our Q1 trading update, released on 8 July 2021, was to deliver low double-digit to mid-teens like-for-like revenue growth for the full year, supporting a return to an adjusted operating profit margin around 2019/20 levels.
For the first half ended 30 September 2021, like-for-like revenue grew 31%, with EMEA, Americas, and Asia Pacific riding by 29%, 37% and 31%, respectively.
'Our trading has remained very strong across all regions as we have worked closely with suppliers to ensure our product availability, delivery and service offer remain robust, which has driven further growth in both customers and average order value,' the company said.
'This has led to our financial performance to date being stronger than expected.'
The company will release its half year results on 4 November 2021.