First quarter revenues and profits were down at electronics components supplier Premier Farnell, but the group said sales are stabilising.
Total revenue in the February to April quarter was down 5.0% at £241.0m from £252.5m the year before. Both Europe and Asia Pacific showed strong sequential growth of 2.1% and 8.5%, respectively with Asia Pacific returning to year-on-year
growth. North America was 2.7% lower, sequentially, as Premier Farnell continued strategic shift away from commodity maintenance, repair and operations (MRO) markets.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Adjusted operating profit was down 8.6% to £26.0m from £28.5m the year before, while adjusted profit before tax was down 13.3% at £20.9m from £24.1m. Reported profit before tax slumped 68.0% to £13.4m from £41.9m.
"Global quarterly sales per day have been maintained at a stable level since the decline in the global electronics and technology markets that impacted us in June last year," revealed Laurence Bain, Group Chief Executive.
"Although at this stage of the cycle EDE [electronic design engineer] markets remain challenging, MRO sales per day continued to progress on a year on year basis," Bain added.
JH
-
Best funds to add to your ISA or SIPP before the BudgetWith Labour expected to increase taxes, ISAs and SIPPs could be a great way to protect yourself from CGT hikes. We look at the best funds to buy now
-
Starling Bank slapped with £29 million fine over ‘shockingly lax’ financial crime controlsThe Financial Conduct Authority has fined Starling Bank £29 million over failings related to financial crime and its financial sanctions screenings
