Mobile distributor Cellnet has boosted revenue by 10 percent in its first year since being acquired by Wentronic.
The company reported revenue of $82.6 million for the financial year ending 30 June 2017, up from $75 million the previous year. Profit was up 16.42 percent from $1.7 million to $2 million despite "difficult retail conditions" in Australia.
Cellnet said underlying profit was $3 million, but was impaired from costs related to the acquisition early this year. German-headquartered electronics accessories distributor Wentronic announced plans to acquire 83 percent of Cellnet in November last year for up to $12 million.
The acquisition was finalised in January, which saw co-founder Mel Brookman resign, along with chairman Alexander Beard and non-executive director Elliot Kaplan.
The new board of directors consists of chief executive Alan Sparks, director Michael Reddie and three directors from Wentronics: Michael Wendt, Brian Danos and Kevin Gilmore.
Cellnet took a hit to its bottom line when one of its largest partners, Dick Smith, collapsed in 2016, with profit falling to $1.63 million that year.
The distributor's current partners include some of the largest mobile retailers in the country such as Telstra, Optus, Vodafone, JB Hi-Fi and Harvey Norman. The company sells accessories from brands like Plantronics, Square, Bose and Cellnet's own brand 3SIXT.
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