Two years on from its acquisition by Avnet and Premier Farnell is flourishing. In 2018 the distributor delivered global revenue of $1.5bn, up 11.1% year over year and posted consecutive year on year growth each quarter at a global and regional level (EMEA, North America & Asia-Pacific). It exited the year with Q4 sales growth of 13% year over year.
This performance was supported by a $100m investment in additional inventory and 22 new suppliers were added during the year, bolstering the depth and breadth of the product offering and providing wider choice for customers.
Most recent suppliers added to Premier Farnell’s supplier network include IDEC and Klein Tools, building on the addition of Xilinx, Nordic Semiconductor and Arduino earlier in the year. Inventory investment crossed the entire range of product categories from Semiconductors, Interconnect, Passives, Electro-mechanical and Single Board Computing; to Test and Tools where Premier Farnell leads the market for high service distribution.
Chris Breslin (pictured), President of Premier Farnell said: “This is a significant result. We have built real momentum, delivering growth every quarter, in every region, and 13% year over year growth globally during the fourth quarter. As the Development Distributor, it is our aim to be there when it matters, helping customers develop their products and businesses, and supporting the development of the next generation of engineers. The significant investment we have made in the business during this year – both in inventory and the development of new relationships with supplier partners, has supported this result. The ongoing take-up of the BBC Micro:bit as an education tool has also continued and we have supported new programmes in Canada and Croatia. As we look forward, we are extremely positive about the opportunities for the business.”
During the year Premier Farnell also announced a major investment in new warehousing capabilities in Leeds, United Kingdom, which will be the largest ever warehouse development in the Leeds City region. The distribution centre is scheduled to be fully operational by late 2019/early 2020.