US-based PCM’s UK divisions did very well and saw revenue hit $9.1 million in the last quarter
For the three months ending 31 December, the wider PCM business saw its revenue decline four percent to $563.4 million, but its UK division, however, continued to grow, with its revenue more than trebling from the $2.7 million it hit in the previous quarter.
The UK arm launched in April last year and has since taken on a host of ex-Misco staff and made two acquisitions.
PCM CEO Frank Khulusi said the UK business has capitalised on UK market conditions.
“Concerning our new UK segment, it continues to grow rapidly and capture the attention of vendors, customers and competitors alike in this significant market”, he said.
“We are delighted to share that January was our first month with the UK segment operating results near break-even. This significant milestone for a start-up was reached eight months from our launch date.
“We are confident in our trajectory for our UK business, and we currently expect at least a $1 million improvement from the fourth quarter in our UK bottom line in Q1, and we continue to expect full-year profit for 2018.”
The UK segment of PCM has generated $12.2 million in sales since its launch in PCM’s Q2.
However, Khulusi was not so happy with PCM’s performance in the US where it lucked out in the US public sector.
“We experienced significantly lower than anticipated contribution during the quarter from our public sector business that drove the year-over-year decline in consolidated results.”
