Ingram flying high

Broadliner's turnover up 20 per cent year-on-year

Broadline distributor Ingram Micro has bucked the trend by revealing a 20 per cent increase in turnover for its second quarter financials.

Turnover for the quarter ended 2 July 2005 stood at $6.84bn compared to $5.72bn in the same period a year ago.

Net profit stood at $41.7m, which includes major programme and integration costs of $14m and a benefit of $2.2m for the resolution of previously accrued income taxes.

Greg Spierkel, chief executive of Ingram said: “Sales grew at a double-digit rate for the seventh consecutive quarter, while earnings per share exceeded our guidance and analysts’ estimate. Profit hit the highest second-quarter level since 1999.

“We made considerable progress towards achieving our goals, but will not rest on our laurels. We remain committed to continuous improvement, innovation and differentiation to deliver ever-increasing value to our business partners and shareholders.”