Westcon-Comstor reports $2.6 billion annual revenue

1 min read Distributors
Westcon-Comstor has announced its FY21 earnings, with revenue increasing by 4.6 per cent to $2.6 billion. The company said the results stem from strong demand for networked cloud computing, remote access solutions, unified communications and cybersecurity.

David Grant, CEO of Westcon-Comstor (pictuired), explained, “Our financial results demonstrate great resilience and agility, in what can only be described as an unprecedented year. But beyond the strong trading performance, I’m especially proud of our people. The flexibility and tenacity our team has shown in shifting to new business models and working practices has been impressive – and the results speak for themselves as our partnerships are stronger, our productivity enhanced, and innovation is being accelerated through our data-driven approach to distribution.”

Westcon-Comstor’s gross margins increased to 11.3 per cent, with higher margins in Europe and MEA. Gross profit increased by 5.6 per cent to $291.0 million, with improved results across all operating regions.

Other highlights in Westcon-Comstor FY21 performance included net debt reduction from $48.7 million in FY20 to $19.0 million in FY21, significantly improved liquidity via the launch of new working facilities in Europe and Asia-Pacific regions, and migrating nearly 3000 employees to a flexible working environment within 48 hours, whilst maintaining 99.99 per cent availability of critical business applications.

Over the course of FY21, the company launched ‘Venu’, a branded virtual event platform, and launched its Intelligent Demand (iD) programme which delivers insights on technology, industry and customer opportunities. Venu has now staged more than 40 events and hosted over 18,000 delegates worldwide.