Premier Farnell said operating profit increased from £30.8 million to £36.1 million for the first half of the 2016/2017 financial year. SALES PERFORMANCE - Continuing Operations revenue of £489.3m (H1 2015/16: £461.3m), an increase of 6.1% year on year, primarily reflecting positive FX movements - element14 sales per day (SPD) growth of 2.6% in Europe year on year, comprising UK SPD decline of 4.2% and Continental Europe SPD growth of 5.3%. UK Q2 2016/17 SPD declined 0.9% year on year, an improvement on Q1 2016/17 year on year decline of 7.2% - Americas SPD decline of 9.1% year on year, excluding Brazil (operations discontinued in 2015), or -10% including Brazil, reflecting continued challenging US manufacturing conditions and competitive pressures - Strong growth in Asia Pacific with 28.1% SPD growth year on year, reflecting strong SPD growth in China of 28.7% and India of 26.2% year on year FINANCIAL MOMENTUM - Gross margin H1 2016/17 of 32.8% (H1 2015/16: 34.9%) in line with management expectations (H2 2015/16: 33.1%) - On track to deliver expected annualised costs savings of £19m in 2017/18 Recommended cash offer for Premier Farnell from Avnet Bidco: Shareholders approved the scheme of arrangement between Premier Farnell and its shareholders in relation to the proposed acquisition by Avnet Bidco , an indirect wholly-owned subsidiary of Avnet on 12 September 2016. Transaction expected to complete in the fourth quarter of 2016, subject to the satisfaction of relevant merger control requirements in Israel and the EU.
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