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Cellnet revenue increases post acquisition

Cellnet revenue increases post acquisition

10 per cent increase following takeover by German distributor

Cellnet CEO, Alan Sparks

Cellnet CEO, Alan Sparks

Credit: Cellnet

Australian mobile distributor, Cellnet (ASX:CLT), has posted a total revenue of $82.7 million for the year ended 30 June 2017, representing a 10.2 per cent increase year-on-year.

The Queensland-based electronics distribution, warehousing, and logistics company counts Optus, Vodafone, Telstra, JB Hi-Fi, and Officeworks among the partners to whom it distributes products from Lexar, Otter, Lifeproof, and Plantronics, among other brands.

A breakdown of the company’s revenue shows Australia revenue at $64.2 million, New Zealand $17.9 million and $554,000 from Asia.

Net profit after tax (NPAT) was up 16.42 per cent, posting a total $2 million.

In November 2016, Cellnet received a takeover proposal from German-headquartered electronics distributor, Wentronic. 

Wentronic is a privately-owned company incorporated in Braunschweig, Germany. The company and its subsidiaries have around 200 employees, and branches in Hong Kong, China, the UK, and Italy.

The acquisition was announced after a year of “tough trading conditions” for Cellnet. At the time, the company indicated it was impacted by the closure of Dick Smith Electronics, one of its trading partners, earlier in 2016.

During the financial year ending June 2016, the company reported a fall in revenue, to $75.15 million, while also reporting a six per cent rise in profit after tax, to $1.75 million.

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