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Premier Farnell FY Profit Rises; To Buy Business And Assets Of AVID Tech

Premier Farnell Plc. (PFL.L) said that its profit before tax for the financial year ended 2 February 2014 rose 8.4% to 74.8 million pounds from the previous year's 69.0 million pounds, as restated.

Profit attributable to owners of the parent for the year increased to 51.4 million pounds from the prior year's 48.6 million pounds, with earnings per share improving to 13.9 pence from 13.2 pence last year.

Adjusted profit before tax for the year was 76.3 million pounds, up 2.0% from 74.8 million pounds in the prior year.

But, adjusted earnings per share for the financial year declined to 14.2 pence from 14.5 pence last year.

Annual revenue grew to 968.0 million pounds from 952.0 million pounds last year.

The Board has approved a final dividend of 6.0 pence per share (2012/13: 6.0 pence) resulting in a proposed full year dividend of 10.4 pence per share (2012/13: 10.4 pence) The final dividend, subject to approval at the Annual General Meeting on 17 June 2014, is payable on 25 June 2014 to shareholders on the register at 30 May 2014.

"The new financial year has started positively despite the adverse weather conditions that impacted North America's February performance compared to the prior year. As we consider the outlook, investments in our strategy will further increase our capability at the front end of the product development cycle and accelerate the development of our online customer experience. We anticipate this will result in the coming year's operating margin at broadly similar levels to this year, reflecting the impact of our planned investment, thereafter the Group will be better positioned to deliver financial performance in line with our key performance indicators," the company said.

Separately, Premier Farnell said that it has entered into an agreement to acquire the business and assets of Avid Technologies Inc. subject to certain conditions, for a cash consideration of $13 million, payable on completion.

Based in Twinsburg, Ohio, AVID is a privately owned engineering design services company that has expertise in a wide range of technologies, Revenue in the year ended 31 December 2013 was $8.5 million.

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by RTT Staff Writer

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