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CMS Distribution boosts 2016 sales
by Stuart Wilson, Thursday 20 April 2017
Storit Limited, the holding company of CMS Distribution, has reported record revenues in 2016 with sales up 82% year-on-year to £325m (US$417m). In April 2016, CMS Distribution acquired Widget. Frank Salmon, founder and CEO of CMS Distribution, said: “The Widget business was integrated into CMS Distribution in August 2016, as part of our ongoing strategy of bringing companies together to leverage strengths and synergies. We are very excited with the future potential of this acquisition and its impact on the group’s financials.”
Storit more than doubled its EBITDA in 2016, reaching a total of £12.3m (US$15.8m). Further investments in 2016 included the acquisition of a majority stake in Newgen Distribution, a Sweden-based distributor serving the Scandinavian market, and the launch of a branch in Madrid, Spain to service the Iberian market. Post year-end, the Group announced the acquisition of TNS Connect, an award-winning distributor of emerging technologies and accessories, headquartered in Ireland but also operating in the UK, mainland Europe, Australia and China.
Salmon commented: “We are delighted with the results which showed growth across all areas of the business. Our enterprise business continued to outpace the market, driving strong growth in security, information management, storage and open source technologies, along with our retail channels, which also delivered high growth. As our customers continue to deliver innovation around digital transformation, the business portfolio continues to drive change and open doors to new thriving markets.”
Salmon concluded: “We continue to invest in systems and customer opportunities that will drive growth and sustained value into the future, as we continue to roll out our business model across new territories. I am very excited about the future of the group.”