Insight Enterprises’ gross profit has demonstrated remarkable growth, surging 13 per cent year over year to a record-breaking £320 million.
Net sales for the quarter ending 31 March 2024 saw a modest uptick of two per cent to £1.74 billion but took a three per cent dip to £300 million in EMEA.
Product net sales remained steady, while the services side leapt 17 per cent year-over-year to £302 million.
CEO Joyce Mullen said the company had seen another record-setting first quarter, with very strong performance in its key strategic areas of cloud and Insight Core services, fortified by continued operating expense discipline.
Insight Core Services gross profit grew 24 per cent during the quarter, while cloud gross profit surged 33 per cent.
“We also achieved several first-quarter records, including gross profit, gross margin, and adjusted diluted earnings per share, demonstrating that we are executing well against our strategic objective of becoming the leading solutions integrator.”
Looking ahead to the full year 2024, Insight Enterprises anticipates a strong performance, with adjusted diluted earnings per share projected to be between £7.71 and £7.92. The company expects to deliver robust gross profit growth in the mid to high teens, reflecting its commitment to sustained financial growth.
It also expects to grow gross profit in the mid to high teens.
The reseller said this outlook excludes acquisition-related intangibles amortisation expense of approximately £43.6 million, assumes no acquisition or integration-related expenses, transformation or severance and restructuring expenses, net and no significant change in our debt instruments or the macroeconomic environment.
