15th May 2014 08:40
LONDON (Alliance News) - Premier Farnell PLC said Thursday maintained its expectations for the full year, after it saw sales per day rise in its first quarter ended May 4.
The technology-products distributor posted group sales per day growth of 2.0%, and 2.2% excluding sales of Raspberry Pi. The Raspberry Pi is a credit-card-sized single-board computer developed in the UK.
Premier Farnell expects gross margin in the quarter to be consistent with the fourth quarter of the previous year, as it continues to optimise its performance.
In Europe the company saw sales growth of 0.9% during the quarter, excluding sales of Raspberry Pi, as a stronger performance in Continental Europe offset the weaker UK. In the Asia Pacific region sales grew 19% excluding sales of Raspberry Pi.
US sales per day, excluding Raspberry Pi, were up 0.8% hampered by severe weather conditions. The company said that its sales had improved throughout the quarter in the US as it continued to improve its operations n the region.
Sales at the company's CPC and MCM businesses rose 0.8% as the company shifted its distribution methods for Raspberry Pi products.
Its industrial products division Akron Brass saw sales growth of 5.2%.
Premier Farnell said it had continue to make progress in improving its model at the front end of the electronics design cycle after its acquisition of AVID Technologies Inc in April. Sales of its development kits and tools were up 19% compared to the previous year.
"We continue to expect a year of further progress in achieving our strategic goals with our full year expectations remaining unchanged," said Chief Executive Officer Laurence Bain in a statement.
Shares in Premier Farnell were trading down 1.9% at 222.70 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
PFL.L