Developing markets boost Premier Farnell

ELECTRONIC components distributor Premier Farnell's third-quarter pre-tax profits rose 70 per cent, helped in part by strong sales in developing markets, and the company signalled a strong finish to the year.

"The strong sales growth in the third-quarter has continued into November, where sales were up 16 per cent compared to November last year," said the Leeds-based company, adding growth for the full year would be in line with its estimates.

Pre-tax profits at Premier Farnell, which sells items ranging from batteries to microchips, jumped 70 per cent to 23.6m. Revenues at the company, which counts Philips, Microsoft and Nokia as its customers, rose 26 per cent to 251.3m.

Sales in Greater China rose more than 80 per cent. Sales in India and Eastern Europe grew 55 per cent and 71 per cent, respectively.

The solid results at Premier Farnell come a month after rival Electrocomponents Plc reported a strong first half and forecast a bright full year.