PC reseller Mwave achieved strong performance in the highly competitive online retail space with a major growth in both revenue and profit.
Mwave posted revenue of more than $72.6 million in the year ending 30 June 2017, up 48 percent year over year.
Revenue was up $23 million from $48.7 million the same period in 2016, according to Mwave's financial report, which was only recently filed with the Australian Securities & Investments Commission.
“As a modern integrated business with a vision and strategy, the more solid operation elements it has, the stronger its growth would be,” Mwave founder Victor Lee told CRN.
“We have achieved a double-digit year-over-year growth in the last five years.”
Net profits also ballooned to $1.4 million in the year ending 30 June 2017, up 580 percent from $205,900 in the year prior.
Gross profits, before marketing costs, administrative expenses and financial costs, were at $9.24 million, up from $6.57 million in the year prior.
Mwave’s consistent growth has been recognised by CRN in the past, landing in the CRN Fast50 list in 2009, 2010 and 2012.
The company sells a wide range of IT products, with a focus that includes gaming and components for the enthusiast market.
The online retailer, as well as rivals such as MSY, Kogan and Harris Technology, face renewed competition in the shape of Amazon, which finally set up shop in Australia late last year.
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