Investment Column, page 22
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The continued strength of sterling knocked around pounds 6m off annual profits at Premier Farnell, the world's biggest catalogue distributor of electronic bits and pieces. Howard Poulson, chief executive, said: "In terms of translation, one cent is equivalent to $1m of profits." However, he said that the biggest impact on last year's profits, which failed to meet expectations with a rise from an underlying pounds 110.8m to pounds 137m before tax, came from weak conditions in the volume distribution market.