VAR Kelway is closing in on the £200m turnover mark, annual accounts filed this week reveal.
According to a Companies House filing, the London-based reseller saw turnover spike from £111m to £178m for its financial year to 31 March, on the back of its acquisition of £40m-turnover IBM partner Repton. It also bought SAM Practice during the year.
Kelway’s bottom line increased even more rapidly, with operating profit more than doubling to £6.6m. Profit after tax stood at £4.1m, compared with £1.7m a year earlier.
The VAR claimed it “performed well” during the year, stressing that shareholder funds rose by 21 per cent to £20.4m year on year. However, it said the downturn made it difficult to make any predictions about its level of profitability in the short term.
Kelway – which has set a mid-term turnover goal of £250m – revealed that its average monthly staff headcount stood at 355 during the year, compared with 196 a year earlier. Some 170 worked in sales and 185 in sales support.
UK revenue increased from £104m to £159m, revenue from Europe more than doubled to £14.2m, while the rest of the world chipped in £5.1m, up from virtually nothing a year earlier.
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