Strong sales boost Premier Farnell

09/09/2010

Premier Farnell, the Leeds-based electronics component firm, today reported quarterly profits up almost 50% - its highest in 10 years.

Chief executive Harriet Green said the results reflected "the continued progress in our strategy and market share growth as well as the broader-based increased activity levels in the global electronics supply chain".
 
For the second quarter of its financial year, pre-tax profits were up 47% to £23.8m. Revenues increased by 30% to £252.1m.

The figures contributed to positive half year results for Premier Farnell up to August 1, with pre-tax profits increasing by 83% on the previous year to £46m, while revenues were up by a quarter to almost £500m.

Ms Green said: "In August our group sales have continued to grow, up over 25% year on year. However, despite the strong first half performance we remain cognisant of the uncertainties surrounding the economic backdrop and the inherent limited visibility we have in our business.

"The positive first half performance as well as the board's confidence in the continued execution of the strategy and the benefit of our initiatives to support the goals for the next 1,000 days underpins the decision to increase the interim dividend to 4.4p per share."

The group said it has extended its reach in Asia Pacific and entered the Thailand, Taiwan and South Korean markets.

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