Westcon-Comstor posts record first-half revenue of $1.85 billion

Westcon-Comstor posted a 14.9% year-on-year increase in first-half revenue to a record $1.85 billion (H1 FY23: $1.61 billion). The company gross profit saw a 33.4% year-on-year jump to $203.7 million (H1 FY23: $152.7 million), with gross margins increasing to 11.0% (H1 FY23:  9.5%) due mainly to more stable foreign exchange rates compared to H1 FY23.

Cybersecurity and networking accounted for 90% of Westcon-Comstor’s revenue during the half-year period, with excellent growth in sales across the specialised portfolio for the selected markets in which the company operates.

Westcon-Comstor’s H1 FY24 results also highlight its ongoing shift to software and services-based revenues, which saw a 17% year-on-year increase and now account for 45% of the company’s total revenue.

The distributor has seen a 65% increase in its borrowing facilities since FY19 with a utilisation range of US $800 million to $1 billion, leaving it with US $400 million – $600 million available to support future investment and growth.

“These results illustrate our ongoing ability to deliver solid, double-digit growth against a challenging macroeconomic backdrop, driven by our digital leadership within technology distribution and unique data-driven approach,”  said David Grant, CEO at Westcon-Comstor.

He added “Looking ahead, our shift to software and services means we are ideally placed to thrive in the subscription-based, everything-as-a-service (XaaS) platform economy of the future. By continuing to innovate and add value at a strategic level, we will enable our channel partners to unlock new opportunities as together we embark on the next wave of our digital.