Premier Farnell quarterly profits up 71% year on year
Electronics components distributor Premier Farnell says its quarterly profits rose 71% year on year as sales grew strongly and the company benefited from being well prepared for the economic recovery.
The company posted underlying pretax profit in the three months ended April of £22million compared to £13m in the same period last year.
Premier Farnell said the focus on its electronic design engineering sector helped to drive growth, while sales in China, India and Eastern Europe were up by 113%, 74% and 75.6% respectively.
"The very positive momentum in sales growth that we have seen in the first quarter has accelerated in all of our distribution businesses in May, with group sales growing 30% year on year," said chief executive Harriet Green.
