Premier Farnell Q2 profit more than doubles
09 Sep 2010
Electronic and industrial components supplier Premier Farnell said underlying pre-tax profit more than doubled after strong sales, particularly in the US, but remains cautious about the economic backdrop.
Underlying pre-tax profit rose to £23.8m during the second quarter ended 1 August 2010 from £10.7m the same time a year earlier. Revenue during the period increased 30% to £252.1m.
For the first half pretax profit increased to £46m from £25.2m.
Commenting on the results chief executive Harriet Green said growth was helped by progress in its strategy and market share growth as well as the broader-based increased activity levels in the global electronics supply chain.
"In August our group sales have continued to grow, up over 25% year on year. However, despite the strong first half performance we remain cognisant of the uncertainties surrounding the economic backdrop and the inherent limited visibility we have in our business," Green added.
The interim dividend increased to 4.4p a share from 4.2p.
