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 1 2015, profits dipped 7.6% to £69.1m on sales of £960m down 8% on the previous year.
“The investments we have made to date will enable us to execute our strategic growth initiatives. By improving our growth trajectory, reducing costs and completing the transformation of element14, we believe that Premier Farnell is well positioned to deliver improved financial performance. We have made a satisfactory start to the year and our expectations for the current financial year remain unchanged,” Bain commented.
He expects £10m to £132m from a global restructuring of the Group’s operations and he is optimistic that a revamped web site will accelerate eCommerce sales.
Bain also reported progress in targeting three important customer segments.
The distributor has made investments to make inroads into the small production volume sector that serves its manufacturing customers.
Design engineers have also taken a liking to Premier Farnell’s development kits offering where sales are up 20% year on year.
Premier Farnell has also been working closely with its suppliers and it has completed over 90 prjetcs for 20 semiconductor suppliers.
Comments are closed.