IT giant Atea has admitted its revenues have fallen by a whopping 4.3 per cent to a measly £704.58 million in the last quarter of 2023.
The firm blamed a tough hardware market for the dismal performance, as customers shunned its pricey gadgets and opted for cheaper alternatives.
Hardware sales plummeted by 8.8 per cent compared to the previous year, while the reseller only managed to scrape a 3.2 per cent increase in gross sales to £1.08 billion.
Despite the disappointing results, Atea’s board hiked dividends to £0.52 per share for the 2024 AGM, up from £0.47 last year.
The company claimed its software and services revenues rose by ten and seven per cent, respectively, but that was not enough to offset the hardware slump.
