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Electronics Production | June 05, 2008

Farnell post 60% sales growth<br>in Eastern Europe

Farnell reported a revenue growth of 6% compared to the same period last year. Double digit sales growth in mainland Europe continuing.

Internationalisation plans show positive impact as anticipated – 57% sales growth in Greater China, 60% sales growth in Eastern Europe and first full quarter of trading for the new Indian business. While the double digit sales growth in mainland Europe continuing. Robust MDD North American growth reflecting the progress of our strategic initiatives said the company. Gross margin at 40.1%, an increase of 0.3 percentage points on the first quarter of last year, representing the tenth quarter of gross margin stability. Profit before tax up 37.1% and earnings per share from continuing operations up 48.5%. Continued strong cash performance with cash generated from continuing operations in the quarter representing 91.3% of operating profit compared with 87.4% in the first quarter of last year.
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