Third quarter profits up for global business

INTERNATIONAL distribution firm Premier Farnell has seen third quarter pre-tax profits increase by 126 per cent on the same period last year.

Its revenue of 251.3m is also 23 per cent higher than the same quarter in 2009/10.

For the first nine months of this financial year, its pre-tax profits are 92 per cent higher than the same period last year, at 69.6m.

Group chief executive Harriet Green said: "The momentum which delivered a ten year high in the Group's second quarter performance has continued into the third quarter.

"Group sales grew 23 per cent year on year, which represents a 10 percentage point increase on the third quarter of two years ago, while sales per day for the month of October were the highest they have ever been.

"This positive performance is a clear reflection of the benefits associated with our business's transformation and the execution of our strategy for profitable growth."

She added that the sales growth had continued into November where sales were up 16 per cent compared to last year.

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