PFL.L Regulatory News (PFL)

Premier Farnell plc - Interim Management Statement 15th May 2014 Premier Farnell plc ("the Group"), a global leader in the high servicedistribution of technology products and solutions, today makes its interimmanagement statement for the period 3 February to 14 May 2014. The financialand operational data set out below are in respect of the Group's first quarterended 4 May 2014. The Group's financial performance in the first three months of the year was inline with management's expectations. Group sales per day grew 2.0% year on yearand 2.2% excluding sales of Raspberry Pi. Gross margin in the first quarter isexpected to be consistent with the fourth quarter of last year as we continueto optimise financial performance in line with the prevailing marketconditions. Europe delivered first quarter sales growth of 0.9% year on year excludingRaspberry Pi. Continental Europe continues to perform more robustly whereas theUK was broadly flat in the quarter. Asia Pacific extended its strongperformance in the first quarter with sales, excluding Raspberry Pi, up 18.8%year on year. Americas' sales per day, excluding sales of Raspberry Pi, grew 0.8% year onyear, despite the impact of the severe winter. The sales trajectory improvedthrough the quarter as we continued to implement sales and marketing actions toimprove the region's performance. We remain focused on developing our Americasbusiness into a digital enterprise and optimising its financial performanceover the medium term. CPC & MCM's first quarter sales performance benefited from a change in ourapproach to distributing Raspberry Pi products, growing 0.8%, as we furtherleverage the division's product range to `maker' and hobbyist customers. At theend of the quarter, CPC launched a new catalogue which introduced 30,000 newproducts and is expected to enhance our sales performance over the remainder ofthe financial year. Our Industrial Products Division, Akron Brass, delivered first quarter salesgrowth of 5.2% as it continued to execute its strategy. We continue to make progress in extending our model at the front end of theelectronics design cycle and enhancing our technical capability following thesuccessful completion on 17 April of the acquisition of AVID Technologies.Sales of development kits and tools, key products for new design activity, wereup 19% year on year in the first quarter. Supplier partners find our expertisehighly attractive and the Group signed a significant new agreement with CypressSemiconductor in the period. There have been no significant changes to the Group's financial position duringthe period with cash flow and net debt in line with our expectations. Laurence Bain, Group Chief Executive Officer, commented: "The year has begun positively as the Group benefited from our investments andthe gradual improvement in our markets. At the full year results, we outlinedthat we are investing in our strategy whilst optimising our business in linewith market conditions. We continue to expect a year of further progress inachieving our strategic goals with our full year expectations remainingunchanged." Divisional sales growth rates Sales growth(a) Q12014 /15 Q1 2014/15 Excluding Raspberry Pi Europe 0.8% 0.9% APAC 20.5% 18.8% MDD Europe & APAC 3.7% 3.6% MDD Americas(b) -0.5% 0.8% MDD CPC & MCM 0.8% -1.4% MDD Total 1.7% 1.9% IPD Akron Brass 5.2% 5.2% Group 2.0% 2.2% Notes: a. Sales growth is based on sales per day for continuing businesses at constant exchange rates and for like periods. For reference, in the first quarter, the average exchange rates for sterling against the US dollar and the Euro were, respectively, £1 = US$1.67 (Q1 2013/14: £1 = US$1.53) and £1 = €1.22 (Q1 2013/14: £1 = €1.17). b. Sales growth in MDD Americas excludes sales resulting from the acquisition of the business and assets of AVID Technologies. A conference call for analysts and investors will be held at 8.30am on 15 May2014, details for which are as follows: Participant Access: Dial in 5-10 minutes prior to the start time using thenumber / Conference ID below. Confirmation 5769771 Code: Dial-in: +44(0)20 3427 1905 For further information, contact: Laurence Bain, Chief Executive Premier Farnell plc +44 (0) 20 7851 4107Officer Mark Whiteling, Chief FinancialOfficer Thomas Churchill, InvestorRelations Richard Mountain FTI Consulting +44 (0) 20 3727 1374 Premier Farnell's announcements and presentations are published at www.premierfarnell.com together with business information and links to all otherGroup web sites. The 2013/14 Annual Report and Accounts is now available for download atreporting2014.premierfarnell.com. The results for the first half of the 52 weekfinancial year ending 1 February 2015 will be announced on 18 September 2014.