Voice and data networking distributor Westcon Group edged closer to a listing on the US stock market last week after the first changes were made to its S-1 document.
Companies hoping to offer shares to the public in the US have to file an S-1 with regula-tory body the Securities and Exchange Commission (SEC), which then often recommends changes.
The new version of Westcon's S-1 includes audited financial statements for the firm's year ended 29 February. It reported a net profit of just under $5.8m on turnover of slightly below $1.9bn. This compares with a net loss of $91.5m on sales of $1.6bn for Westcon's previous financial year.
Alistair Edwards, senior analyst at Canalys, said: "This isn't great, considering that Westcon is a value-added distributor. It raises the question of what the term 'value-added' means these days.
"I still believe Westcon is in a great position in Europe, and is well positioned for IP convergence. It's not a great profit, but it is a solid company with a good model."
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