LONDON — Electronic components distributor Premier Farnell (Leeds, England) said that web sales and activity in Eastern Europe, China and India had contributed to increased revenue for the financial year to Feb. 1. However, profits slipped for the year and drove the company to a loss in the fourth quarter on actuarial and pension adjustments.

The company achieved annual revenue of £804.4 million (about $1.17 billion) up 8 percent on sales of £744.7 million (about $1.08 billion) in the previous financial year. The profit for the period was £51.7 million (about $75 million) compared to £36.3 million (about $53 million) in the year before. But, after actuarial losses on pensions and other, deferred tax credits and other "net losses not recognized on the income statement" the total recognized income for the period was £9.5 million (about $14 million) compared to £41.9 million (about $61 million) in the year before.

"We have outperformed difficult markets as we maintain focus on our strategic direction — Electronic Design Engineering (EDE) sales outperformed Maintenance, Repair and Operations (MRO) sales, web sales have continued to grow and internationalization plans continue to deliver sales growth," the company said in a statement.

Fourth quarter sales in Eastern Europe and China were up 58 and 15 percent, respectively and sales in India were up 24 percent sequentially, the company said.

Commenting on the results, Harriet Green, Group Chief Executive, said: "We are continuing to drive our strategy despite the more challenging markets. Whilst we are encouraged by our strategic progress and our outperformance of these markets, we are dissatisfied with our business results. With our strategy, the strength of the Premier Farnell team and our ability to capitalize on the opportunities in the supply chain, we can perform better; all supported by our strong cash generation and further investments in our proposition and inventory position."