Exclusive Networks’ CEO says the cybersecurity VAD enjoyed a “strong” first half of 2024, despite “continued soft market conditions”.
The Fortinet and Palo Alto Networks distributor, which recently received a take-private approach, saw gross sales growth reaccelerate to 14 per cent in Q2, thanks partly to a significant Australasian acquisition.
Looking at its wider first half, gross sales came in at £2.15 billion, a ten per cent year-on-year increase.
CEO Jesper Trolle said: “We had a strong first half of the year amidst continued soft market conditions. Gross sales growth accelerated steadily over the first half, positioning the business well for the second half of 2024,”.
Having only floated on the Paris Euronext in 2021, Exclusive could be set to move back into private ownership after confirming a go-private approach from an investor group earlier this month.
The distributor stressed it will no longer be holding a conference call on the results on 1 August, as originally planned.
Exclusive’s gross sales growth accelerated from six per cent in Q1 to fourteen per cent in Q2.
Some 6.6 per cent of the Q2 growth was driven by the March acquisition of NextGen, an Australia-based VAD that turned over £134 million.
Organic growth in Q2 stood at seven per cent, with 5.3 per cent driven by business with existing vendors in their current geographies, 1.2 per cent from existing vendors entering new territories, and 0.5 per cent from new vendor relationships.
EMEA gross sales grew eight per cent during Q2 to £814 million, with the Americas up nine per cent to £145 million. APAC’s top line skyrocketed seventy-five per cent to £139 million.
