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Interim Results

Premier Farnell's H1 pretax profit slips

17 September 2015 07:36

Premier Farnell has booked an H1 pretax profit down 15.9% to £30.6m, from £36.4m. Revenue was £498.6m, from £479.3m. Interim dividend was 2.6p, from £4.4p.

Chair Val Gooding commented:

"The review announced in July is progressing rapidly. One of the key early decisions is to dispose of Akron Brass which, although an excellent business, does not fit strategically within the portfolio given the Group’s refocus on its core distribution activities.

"The Board has also given careful consideration to the current shape and capacity of the Group’s balance sheet and we have concluded that it is appropriate to rebase our dividend.

"The Board recognises the significance of the dividend to our shareholders, but also the importance of it being sustainable and progressive and we will therefore target dividend cover in the range 1.5x to 2.0x going forward.

"The review has highlighted the extent of change in the business that is necessary to allow it to compete effectively in an increasingly digital market.

"Further work is required to determine the scale, timing, benefits and costs involved, and the Board expects to be in a position to provide this information at the time of its Q3 trading update in December 2015."

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