Mobile distributor Cellnet has posted gains in revenue and profits after adding new brands and products to its portfolio, as well as new resellers and customers.
Revenue for the 12 months ended 30 June was $87.5 million, up 6 percent from last year’s $82.7 million. Net profit reportedly grew 193 percent to $5.9 million from $2 million, which included an income tax benefit of $2.8 million, largely attributed to previously unrecognised deferred tax assets.
Sales of goods accounted for 99.8% of Cellnet's revenue at $87.36 million, while services revenue was $139,000.
During the period, Cellnet brought in 15 new brands and 1244 new products and took on 751 new resellers and customers, the company reported.
“As the partner to many of the world’s premier brands, Cellnet has continued to consolidate its position as the leading distributor for mobility accessories in the Australian and New Zealand marketplace with strong contractual relationships with leading telcos, consumer electronic retailers and specialty stores across the region,” Cellnet chairman Michael Wendt said.
“We remain well poised to grow via acquisition and the board will continue to evaluate opportunities which align with the company’s strategy.”
The company also shipped some 1.7 million smartphone cases across Australia and New Zealand and sold more than $18 million worth of audio products.
Last week, Cellnet acquired gaming peripherals distributor Turn Left Distribution for $6 million, bringing in brands including the likes of Capcom, Koei Tecmo, Konami, Steel Series, Thrustmaster and Plantronics while adding supplier partnerships with JB Hi-Fi, EB Games, Target, Big W and Harvey Norman.
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