Premier Farnell seeing the positives

PREMIER Farnell today said that it had started its new financial year positively despite its markets remaining uncertain.

The Leeds-based electronic components supplier said that adjusted pre-tax profits fell 14.5% to £75.7m in the year to February 3 on turnover that was down 2.8% to £952m.

It said sales in its fourth quarter were down 3% year-on-year. The full year dividend is 10.4p per share.

Laurence Bain, chief executive,said: “Market conditions remained challenging during the quarter and fourth quarter sales per day declined 3.0% year on year but were in line with the third quarter. This reflected sequential growth from all our segments
other than MDD Americas where actions taken have begun to realise results.

“Whilst we have limited visibility and current market conditions continue to be uncertain, the new financial year has started positively and we remain confident in our ability to implement our strategic vision and optimise the business’ performance to grow our active customer base, gain market share and drive financial performance.”