Premier Farnell profits shoot up to £22m

Electronics components distributor Premier Farnell today said quarterly profits were up 71% year-on-year as sales grew strongly.

The company, which sells batteries and microchips, posted underlying pre-tax profit in the three months to April of £22 million, compared with £13 million in the period last year.

It said it had been well prepared for the economic recovery, and that the focus on its electronic design engineering sector helped to drive growth.

Sales in China, India and Eastern Europe were up by 113%, 74% and 75.6%.

"The very positive momentum in sales growth that we have seen in the first quarter has accelerated in all of our distribution businesses in May, with group sales growing 30% year on year," said chief executive Harriet Green.