Electrocomponents Plc saw its stock price jump more than 10 percent on Tuesday to a 52-week high level after it posted preliminary fiscal 2016 sales and profit numbers that showed the distributor performing better-than-expected. Net income for the fiscal year ended March 31, are expected to be at the “top end of market expectations,” the company said in a press statement. The company’s market valuation continued to improve at the opening of trading in London on Wednesday, April 6, climbing to a new 52-week high of 268.20 pence from the previous closing price of 264.10 pence. Electrocomponents’ share price has zigzagged over the last year as it implemented a range of restructuring actions that included cost control and an overhaul of its executive rank following the appointment of Lindsley Ruth from Future Electronics Inc. last April as Group CEO. It has since appointed some executives with international experience to the management, the latest being David Egan who joined the company in March as group finance director.“David has been charged with helping the company improve our working capital metrics,” said CEO Ruth in an interview. “He has a proven track record of driving success, a lot of international experience and he will be driving financial improvements at Electrocomponents.” Oxford-based Electrocomponents said reorganization actions taken so far have put it on track to achieve “targeted £25 million [$35 million] annualized savings, with at least £6 million delivered in the year to March, 2016.” The company in a statement said it is forging ahead with those plans to raise gross profit margins and optimize operating costs while increasing sales in the United Kingdom where it generates 28 percent of sales and in other parts of Europe. It has begun initiating a sales expansion program in South America, leveraging the reach of U.S. division Allied Electronics and will also be pushing for improved performance in Asia, Ruth said. Revenue in the latest fiscal year rose 3 percent, led by continental Europe where sales increased 8 percent. Asia Pacific sales were down 8 percent and North America fell 4 percent, the company said. Gross profit margins have stabilized, however, “with the year-on-year decline reducing to 0.4 percentage points,” Electrocomponents said. “As a result, we expect full-year gross margin to be down around 1 percentage point year on year.” The company will announce detailed fiscal 2016 financial results on May 19.