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Annual Results

PFL's income

17 March 2016 07:29

Premier Farnell said its FY pretax profit has fallen to GBP29.2m, from GBP54.1m. Revenue was GBP903.9m, from GBP886.6m.

Proposed final dividend is 3.6p a share, down 40% on the year. Total proposed for 2015/16 dividend is 6.2p, also down 40% on the year, following previously announced dividend rebasing.

Chairman Val Gooding commented:

"We have commenced implementation of a series of actions in the past year to address a challenging period for Premier Farnell. The operational review has already yielded positive results which we will continue to build on.

"On 16 March 2016, we completed the sale of Akron Brass for $224.2m, enabling the company to reduce its net debt and concentrate on its core activities. We have also rebased the dividend to a level from which we aim to deliver a sustainable and progressive dividend policy.

"Following an extensive global search, we were delighted to announce last week the appointment of Jos Opdeweegh as Chief Executive of Premier Farnell. His strong international experience and track record of value creation provides a strong platform for the next stage of our development."

Story provided by StockMarketWire.com

Related Company: PFL

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