March 21, 2013 / 7:51 AM / 5 years ago

Premier Farnell profit falls on weak US sales

March 21 (Reuters) - British electronic parts distributor Premier Farnell Plc’s full-year earnings fell about 15 percent, hurt by a weak performance at its U.S. operations, but said the new year had begun on a positive note.

Adjusted profit before tax in the full year was 75.7 million pounds ($114.6 million), compared with 88.5 million pounds in the prior year.

Revenue fell 3 percent to 952 million pounds for the year.

“Whilst we have limited visibility and current market conditions continue to be uncertain, the new financial year has started positively,” Chief Executive Laurence Bain said in a statement.

Premier Farnell sells roughly half a million products ranging from batteries and CCTV cameras to semiconductors and capacitors in more than 100 countries, through its websites including Newark, Farnell and element 14.

Revenue from the company’s marketing and distribution (MDD) business in the Unites States, which generated about 37 percent of total turnover in 2012, fell 6 percent to 353.8 million pounds.

Premier Farnell shares closed at 218.7 pence on Wednesday on the London Stock Exchange.

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