The financials are grim, the decision-making at least on the right track. Premier Farnell’s results coincided with a second profit warning in two months. First half pre-tax profits have tanked 16% to £30.6m. What Interim Chief Executive Officer Mark Whiteling describes as, “the slowing momentum seen in the second quarter has continued in the start of the seasonally weaker second half.” “Accordingly,” he says, “we now anticipate second half operating profit performance to be lower than previous expectations, with full year adjusted operating profit now expected to be in the range of £73m to £77m.” First half revenue at Premier Farnell rose 4% to £498.6m. An operations review has already begun. Two quick decisions have been made. Akron Brass, a fire fighting equipment maker, which has to be a distraction for an electronic component seller, will be sold. And a direct operation in Brazil, where the economy is struggling, will…
Laurence Bain has been deposed as Chief Executive of Premier Farnell. The move follows last month’s announcement of slowing sales, a 10% year on year profit slump and…
A comprehensive review of operations is under way at Premier Farnell after the UK-based distributor warned first half pre-tax profits would be 10 per cent down on last…
Premier Farnell is being targeted by an activist investor according to report in the UK’s Daily Telegraph newspaper. GO Investment Partners, a company with offices in London and…
Premier Farnell endured what Chief Executive Officer Laurence Bain described as “a challenging period as we position ourselves for future profitable growth.” For the full year to Feb…
Premier Farnell has shaken up its management structure and a new team led by Group Chief Executive Laurence Bain (pictured) will start to evolve Premier Farnell’s operating model…
An ever closer embrace of the design engineering community led Premier Farnell’s strategy in 2013/14 and the advances will continue as the distributor moves into a new financial…
That’s more like it! Distribution and especially the high service sector, received a timely boost as Premier Farnell delivered an 8.4% increase in full year profits to £74.8m…
Premier Farnell’s pre close trading update ahead of its full year results indicates group sales per day for the full year are expected to grow 2.6% year on…
Newark element14 has new president. Tom Hudak has been named to the post by parent company Premier Farnell. He succeeds Paul Buckley who will be retiring at the…