Premier Farnell Delivers Strong Growth in 3 Months ending 30 September 2018
Premier Farnell, the Development Distributor, delivered a strong trading performance in the fiscal year FY19 first quarter ended 30 September 2018 with global revenue of $379m, up +7.2% year over year (+8.2% year over year on a constant currency basis).
Premier Farnell made significant investment across all categories in the prior fiscal year which both broadened and deepened Premier Farnell’s stocking position, and enabled it to support customers through high demand due to an evolving market. During the first quarter this investment underpinned strong growth in core interconnect, electro-mechanical and semiconductor categories alongside excellent growth in passives and single board computing.
In the Test and Tool category, where Premier Farnell has the strongest portfolio in the high service distribution market, the business also delivered an impressive level of growth, with strength particularly within tools and production supplies supported by recent new supplier additions such as Klein Tools.
Chris Breslin, President of Premier Farnell said: “We continue to focus on delivering a strong portfolio of supplier products and new innovative technologies to our customers, coupled with multi-channel support to meet our customers’ needs so they can focus on what is important to them.”
“Last quarter we have added new suppliers to our linecard and extended existing franchises to provide broader access to the latest new product introductions, supporting our customers as demand in the market outweighs supply so that they can keep production lines operating. In education, we continue to work closely with The Micro:bit Foundation to provide children across the globe with access to tools that will prepare them for the digital economy. Also during the quarter, a further educational programme using Micro:bit was launched in Denmark, bringing the number of Micro:bit used in education programmes to an impressive two million.”
Premier Farnell signed global agreements with 5 new suppliers during the first quarter, including: Adesto, IDEC, Purrmetrix and MakerGear.
This document contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management’s current expectations and are subject to uncertainty, changes in facts and circumstances and other risks which could cause actual results to differ materially from those described in the forward-looking statements. More detailed information about these and other factors is set forth in filings by Avnet, Inc. with the Securities and Exchange Commission, including Avnet’s reports on Form 10-K, Form 10-Q and Form 8-K. Except as required by law, there is no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Premier Farnell is a global technology leader with over 80 years in the high service distribution of technology products and solutions for electronic system design, production, maintenance and repair. Premier Farnell uses this experience to support its broad customer base, from hobbyists to engineers, maintenance engineers and buyers as ‘The Development Distributor’, working with leading brands and start-ups to develop new products for market, and supporting the industry as it seeks to develop the current and next generation of engineers.
Premier Farnell is a business unit of Avnet (Nasdaq: AVT). Premier Farnell trades as Farnell element14 in Europe, Newark element14 in North America, and element14 throughout Asia Pacific. The Premier Farnell Group is supported by a global supply chain of more than 3,500 suppliers and has an extensive inventory profile developed to anticipate and meet the needs of innovative customers everywhere. Premier Farnell sells direct to consumers through a network of resellers, and its CPC business in the UK.
For more information, visit the website at http://www.premierfarnell.com