Westcon-Comstor reports FY22 financial results
Revenue up 11.8% to US$2 890.4 million following demand for all technologies in the Westcon International portfolio
Westcon-Comstor (Westcon International) reported its FY22 earnings results this week. Total net revenue was up by 11.8% to US$ $2.89 billion driven by strong demand and market share in its cybersecurity portfolio, networking and hybrid infrastructure offers and its remote access and cloud collaboration solutions which were deployed in new flexible working environments.
EBITDA profit increased by 52% to US$68.1 million (FY21: US$44.8 million) with gross margins averaging 11% globally. Westcon International’s gross profit increased by 9.6% to US$319.0 million (FY21: US$291.0 million) supported by strong results in both Europe and Asia-Pacific.
“Two years ago, our company demonstrated strong resilience in the face of the pandemic and the FY22 results we announced today illustrate our ability to not just sustain strong momentum but to go beyond and adapt and win in a rapidly changing market”, commented David Grant, CEO of Westcon-Comstor.
“Our focus on portfolio expansion with software and subscription-based solutions has helped us to not only record double-digit, organic revenue growth-- despite material product supply constraints-- but to drive unprecedented EBITDA improvement as well. It’s a true testament to the hard work of our teams across all operations, who have performed exceptionally well this last year.”
Westcon-Comstor announced that demand for its solutions continued to climb, coupled with supply constraints and chip shortages, its backlog of orders increased over 300% (from US$261 million for FY21 to US$824 million for FY22.)
“Multi-year investments we’ve made in business automation and digital tools are paying dividends as well. Our focus on Solutions Lifecycle Management and building Flexible payment solutions helped us to ensure that over 50% of our gross revenue in FY22 was recurring; we see that percentage growing as we go into FY23”, added David Grant.