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
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
-
Family face £100k stamp duty bill after avoidance scheme crashes in court – the mistakes to avoidA couple faces a substantial stamp duty bill after trying to reduce the amount they owed
-
How to get a guaranteed income in retirementSavers want certainty in retirement, with almost two-fifths naming guaranteed income as their main priority. An annuity can achieve this – but what other income options are available to supplement it?
