LONDON, June 10 (Reuters) – British electronics components distributor Premier Farnell (PFL.L) said quarterly profits rose 71 percent year-on-year as sales grew strongly and the company benefited from being well prepared for the economic recovery.
The company, which sells items ranging from batteries to microchips, on Thursday posted underlying pretax profit in the three months ended April of 22 million pounds ($31.8 million) compared to 13 million in the same period last year.
Premier Farnell said the focus on its electronic design engineering sector helped to drive growth, while sales in China, India and Eastern Europe were up by 113 percent, 74 percent and 75.6 percent respectively.
“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 percent year on year,” said Chief Executive Harriet Green.
Shares in the company closed at 219.6 pence on Wednesday, valuing the company at 792.3 million pounds. (Reporting by Sarah Young, Editing by Mark Potter)