Electronics firm Electrocomponents has said its profit margins for the financial year will be higher than management or the markets had anticipated.

In a trading statement, the Oxford-based firm said its revenue for the year ended 31 March increased 5% from the preceding 12-month period, with fourth-quarter revenue growth coming in at 8%.

The revenue increase in the January to March quarter was driven by a strong recovery in growth in North America and Asia Pacific.

Favourable movements in the exchange rate and additional trading days would also inflate full-year results, the company said.

"Our end markets remain strong and the business is executing well, as we continue to improve our go-to-market approach and sales effectiveness," it added.

"Revenues in the quarter have also benefited from a more favourable competitive environment in the quarter."

The firm expects to deliver net cost savings of £18m ($22.5m) for the financial year.

Electrocomponents is a distributor of electronics, including the Raspberry Pi computer, automation and control components, engineering tools and consumables.

Its share price opened 1% higher in London on 6 April.