IT and telco distributor Cellnet announced yesterday it had recorded growth and profit for the full financial year ending June 30, including a 40 per cent income growth for IT Wholesale, which it acquired in October 2000.
Mel Brookman, Cellnet's managing director, claimed in a press statement that Cellnet's proven distribution expertise in telecommunications products and accessories had been transferred to IT Wholesale. The Queensland-based distributor had itself seen growth boosted during the year by the acquisition of Chips in July, from IT&e.
"We have used our infrastructure and applied our distribution expertise to IT Wholesale's operations to achieve an annualised increase in sales of 40 per cent," Brookman said.
"We have also secured a number of new distribution contracts with leading manufacturers like Panasonic, Apple, Kodak, ViewSonic, Umax, Netcomm and Dataram for a broad range of IT products including digital scanners, printers and multi-function products."
Cellnet announced a 29 per cent increase in sales to $247.57 million (up from $192.32 million in 2000) while earnings before interest and tax rose 16 per cent to $13.83 million ($11.96 million in 2000). Net profit increased 11 per cent to $7.74 million ($6.98 million in 2000).
Brookman also pointed to a future growth for Cellnet from infrastructure improvements, which include new distribution warehouse and offices located in Brisbane's Business Airport Park.
"Our new warehouse is fitted out with the Rapid Pick System (RP3) for enhanced speed and efficiency and our new enterprise application system (MOVEX) will provide improved IT systems support," he said.