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Electronics Production | September 09, 2010

Farnell increase revenue by 30% in 2Q

Distributor Premier Farnell reported increased group sales for the 2Q/2010 (ended August 1, 2010). Sales grew 29.6% year on year.
Strong sales growth combined has driven second quarter underlying operating profit growth of 72.5% year on year. Second quarter sales in MDD Europe grew 37.0% year on year and in MDD Asia Pacific sales grew 47.8%.



Commenting on the results, Harriet Green, Group Chief Executive, said: "The Group’s second quarter sales and operating profits were the highest for 10 years. This reflects the continued progress in our 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. The positive first half performance as well as the Board’s confidence in the continued execution of the strategy and the benefit of our initiatives to support the goals for the next 1,000 days underpins the decision to increase the interim dividend to 4.4 pence per share."

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