12th Nov 2013 09:33
LONDON (Alliance News) - Premier Farnell PLC Tuesday said its sales trends improved in the third quarter of the year, driven by a strong performance from Asia Pacific and China, and strong sales growth in its industrial products division.
The technology products distributor said that group sales per day rose by 3.3% in the third quarter ended November 3, with most of its divisions reporting improving trends in comparison to the first half of the year.
It said that group sales, excluding sales of Raspberry Pi, which is a credit-card sized computer that plugs into your TV and a keyboard, rose 2.1% year-on-year in the third quarter, from a 1.4% fall in the first half. Over the nine-month period it said group sales excluding Raspberry Pi declined 0.3% year-on-year.
In Europe, sales per day rose 4.1% year-on-year in the third quarter, boosted by a good performance in continental Europe and the UK returning to growth.
Premier Farnell said that Asia Pacific delivered another strong sales performance in the quarter, up 11%, boosted by emerging markets such as China and India.
It said that sales per day in the Americas were broadly flat year-on-year in the third quarter.
Premier Farnell said that its other distribution businesses continued to perform well in the third quarter, with sales growth of 3.4% year-on-year.
In its industrial products division, which compromises primarily of its Akron Brass business, sales increased 10% during the period, boosted by a major contract win in the first half of the year, and by Akron Brass benefiting from sales to the Hindustan Petroleum Company.
Premier Farnell said that that there have been no significant changes to its financial position, and that its cash flow and net debt is in line with expectations.
Shares in Premier Farnell were up 5.6% Tuesday morning, at 240.23 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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