Leading distributor, Dicker Data, just missed hitting the $1 billion revenue mark for the 2014 financial year ending December 31, 2014.
The company revealed a stellar group of figures at its annual general meeting for 2015 while also notifying that it had it changed its financial year end from July to December to afford better full year visibility.
It reported full-year revenue of $936.5 million; earnings before interest, taxes, depreciation and amortisation (EBITDA) of $25.1 million; a gross profit of $81 million; and an operating profit of $15.4 million.
The company is targeting revenue of $1 billion for FY2015 (January 1 - December 31).
Dicker Data said it expected to report substantial growth in sales and profitability in the 2015 financial year due to the full year contribution from Express Data and from merger cost savings.
For the second half, In the six months from July 1 to December 31, 2014, total revenue increased by $274 million, up 121.9 per cent on the same period in 2013. Gross profit was $45.4 million, up 147.5 per cent.
For the full year, total dividends were down due to the one-off Express Data acquisition and restructure costs.
Dicker Data finished FY14 with $3.7 million cash on hand. Total debt was $122.6 million at the end of the reporting period. This predominantly related to a Receivable Purchase facility from Westpac used to fund the Express Data purchase.
The company’s property, plant and equipment increased by $3.8 million to $26.8 million due to capital works with the extension of the warehouse, office and equipment fit-out.
For the FY2015 year to April 30, 2015, revenue was $326.5 million and tracking to forecast. This was an increase of $110.6 million or 51.3 per cent on the previous corresponding period. The company also said it was on track to achieve previous FY2015 pretax profit guidance of $30.9m for the full year.
Group underlying EBITDA for the four-month period was $12.3 million, a 150.6 per cent increase on the first six months of 2014.
The company said one of its top priorities for the remainder of 2015 was to launch its Cloud marketplace at the end of the year.