Premier Farnell sustains profits surge
ELECTRONIC components supplier Premier Farnell has seen pre-tax profits more than double for the third quarter to £23.6m.
The figures take the firms pre-tax profits for the first nine months to £69.6m, an increase of 92% on the same period in the previous year.
Group chief executive Harriet Green said: “The momentum which delivered a ten year high in the group’s second quarter performance has continued into the third quarter. Group sales grew 23% year on year, which represents a 10 percentage point increase on the third quarter of two years ago, while sales per day for the month of October were the highest they have ever been.
“This positive performance is a clear reflection of the benefits associated with our business’ transformation and the execution of our strategy for profitable growth.
“The strong sales growth in the third quarter has continued into November where sales were up 16% compared to November last year, which is when the group returned to year on year growth following the downturn.
“The continuation of this strong momentum and the execution of our 1,000 day strategy gives the board confidence that the group will deliver significant profitable growth for the remainder of the financial year in line with its expectations and have good sales momentum as we enter the new year.”
Underlying earnings per share grew from 2.6p to 4.6p in the quarter with the figure now standing at 13.7p for the year.
