Shares in Premier Farnell (PFL) fell by almost 10 per cent after the distributor of electronic parts warned that full-year gross operating margins would be below prior-year levels. The group said gross margins declined by 50 basis points in the third quarter, due to tougher trading conditions in Europe and Asia.
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Sales per day were up 2.7 per cent year on year - down from 4.7 per cent in the second quarter. That reflected weakness in the group's industrial products business, Akron Brass, after an exceptionally strong period last year when it won a big contract with Hindustan Petroleum.