Premier Farnell posts Q1 revenue of £252.5million

Harriet Green, group chief executive, pictured, said: "The Group's sales momentum strengthened in the first quarter, with sales up 3% quarter on quarter and 8.3% year on year, which is above our targeted 6% to 8% range. Our operating profit grew 13.3% year on year, a performance which was led by the North American business, where first quarter operating profit grew 51.8% year on year." Green said Farnell will remain focused on delivering sustainable profitable growth across the economic and product cycles. "When we look back to pre-recessionary levels," she added, "adjusted Group first quarter sales are up over 10% and we are now achieving structural year on year sales growth beyond the levels that we had prior to the recession. Although we recognise that our business model inherently provides us with limited visibility, the Board expects second quarter sales growth to be in-line with our target range and remains confident that the Group will continue to capitalise on the profitable growth opportunities inherent in its strategy." The company expects to announce the starting date of a new cfo, following the appointment of Valerie Gooding as chairman, replacing Sir Peter Gershon.