Welwyn Garden City-based reseller Compel Group saw its turnover and rewards. profit more than double as the company experienced increased demand from the corporate sector.
For the six months ended 31 December 1997, Compel's turnover rose by 119 per cent to #86.6 million, compared with #39.5 million the previous year. The reseller's pre-tax profit was up 116 per cent to #3.67 million, from last years' figure of #1.7 million.
Neville Davis, chairman and CEO of Compel, said: 'The market we address has grown, with increases in the overall quantum of IT expenditure by large organisation and the proportion of this expenditure devoted to our sector. We have continued to increase our share of this market.'
He added: 'The second half of our financial year has begun well. The board believes the prospects during this period and beyond are good.' However, he conceded that he did not expect the company to maintain the growth rate.
Compel's figures also included sales from its previous acquisitions of Scotland's largest reseller Abtex Systems and Computer MicroRentals which added a total of #6.52 million to its turnover.
SG Securities, the company's broker, lifted its full-year forecast from #8.1 million to #8.3 million. On the release of the figures on 17 February, it pushed Compel's share price 3p to 401p last week.
Compel also announced it was making changes to its board of directors.
Mark Howling, board director of GPT, managing its Intelligent Networks division, will join the group as a director and take up the position of managing director of Compel, its subsidiary for integrated desktop services.
Bill Joss has been promoted to group business development director and will expand his responsibilities in order for him to focus on gaining more corporate customers and developing sales through Compel's worldwide reseller alliance, GlobalServe.
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