Tag: Econocom

Econocom sees a double digit uptick in revenues

Posted on April 20, 2023 by - News

Digital services provider Econocom has managed a double-digit uptick in first quarter 2023 revenues.

The VAR said its development was driven by organic growth in technology management and financing and external growth in products & solutions.

Its products and solutions division was up 11.1 per cent to earn revenues of €312 million, driven by the acquisitions.

Organically, the segment posted a slight increase of 1.5 per cent compared with the first quarter of 2022, which Econocom said was a period of sharp growth.

Econocom is a Lenovo Platinum Plus member

Posted on July 11, 2022 by - News

Econocom Group has become a Lenovo Platinum Plus International Channel partner.

Only six organisations have Platinum status by Lenovo and while the pair have worked closely in France, they are expanding joint operations in the UK, Spain, Italy and Germany.

The deal means that Econocom will now sell Lenovo products and services using the Chinese outfit’s  360 framework. Econocom said it will benefit from, “the incremental business opportunities Lenovo’s end-to-end portfolio provides.”

Lenovo executive director of EMEA channel strategy and programmes Neil Berville said: “Lenovo recently announced that it has reached $70 billion in revenue for the first time – largely driven through indirect partnerships. We rely on partners who have scale, an in-depth understanding of the market and the ambition to rapidly grow their businesses with Lenovo, and Econocom is a clear example.

Econocom on UK M&A frenzy

Posted on May 20, 2022 by - News

Econocom is on the brink of closing multiple M&A deals across Europe.

The Euronext-listed reseller, which generated revenues of €2.5 billion in full-year 2021, wants to double its turnover and reach €10 billion in sales by 2030.

The target is part of a new business plan which was formulated last year after several years of transformation for Econocom.

In 2018 the reseller had an annus horribilis and issued a profit warning to investors after recurring operating profits for the first six months of the year plummeted by 43 percent to €34 million which sent its share price into a steep decline.

Econocom acquires a majority stake in Trams

Posted on September 28, 2021 by - News

Econocom group has acquired a majority stake in Trams, a London-based IT solutions provider benefiting from long-standing partnerships with Apple, HP, Lenovo and Dell.

Founded in 1990, Trams serves international companies and well-known blue-chip brands with a range of products and services, including commodity IT hardware, cloud hosting, IT maintenance and recycling. It employs around 40 people and in FY20 reported revenues of £42 million.

76 percent of buyers want hardware on a subscription

Posted on December 6, 2018 by - News

The idea of hardware as a service has [surely Haas, Ed.] gained traction among the punters, according to Panasonic.

Panasonic has been adding up some numbers and worked out that more than  76 percent of technology buyers were keen to buy hardware on a subscription basis, with cost their crucial consideration.

The outfit found that increasing number of customers have heard about the option and wanted to use it for laptops, tablets and handhelds. The attraction of the

Econocom shares tank after profit warning

Posted on July 10, 2018 by - News

indexEconocom’s share price has tanked by more than a third after a profit warning issued by the reseller on Friday.

Share value for Econocom Group SE plummeted by 36.82 percent since the beginning of trading on 3 July. The tailspin was sparked after the firm posted its preliminary H1 results last week, which made grim reading for investors.

Econocom has revised down its expectations for the second half of the year. FY2018 annual operating profits are now forecast to be €120m, down from €154m in 2017.

Econocom CEO Robert Bouchard blamed weak results down to a slower leasing business, “a low point” in profitability for its French market, €10 million in provisions for “dispute and risk contracts” and €20 million in restructuring efforts.

It’s almost four months since Bouchard took over as CEO from his dad Jean-Louis Bouchard.

“We have already decided to implement an action plan designed to reduce costs across the group and across all our business lines”, he added.

“These decisions will affect our short-term profitability but will enable us to achieve the ambitions of our strategic plan, which are to generate strong growth and a significant improvement in our profitability.”

Meanwhile, the Belgium-based VAR’s complete first-half results will be published on 19 July.