UK-based distributor Westcon-Comstor has announced an 18.3 per cent year on year increase in total revenue to $3.42 billion for 2023.
The company said its good numbers were driven by strong demand for cybersecurity and networking , and an acceleration in its shift to a software and subscription-based recurring revenue model.
This is the second consecutive year that the company has reported double-digit growth. Westcon-Comstor also said it’s the first time that revenue has exceeded $3 billion, with CAGR of eight per cent.
Revenue from cybersecurity solutions was up 17 per cent yearly to $1.33 billion, while, revenue from its networking portfolio increased by 19 per cent to US$1.76 billion.
The company’s earnings results for the year ending 28 February 2023 show a 21 per cent year on year increase in Adjusted EBITDA profit to $95.1 million.
Its 2023 earnings also demonstrate Westcon-Comstor’s ongoing shift to software, services and subscription-based recurring revenues, which the distributor says now accounts for 42 per cent of revenue.
Westcon-Comstor CEO David Grant said the results demonstrate our ability to thrive amid challenging macro-economic conditions, while accelerating our journey to becoming the world’s leading data-driven technology provider and specialist distributor of cybersecurity and networking solutions and services.
“Our data-driven approach, combined with our commitment to Partner Success and environmental and social responsibility, means we are uniquely positioned to bring real value to our partners and vendors – enabling them to drive their digital transformation and navigate the increasingly rapid evolution of the technology distribution landscape.”
