Matrix turns in a tidy profit

Matrix Group has reported explosive growth for the first six months of 2005

Matrix Group has reported explosive growth for the first six months of 2005, increasing turnover and gross profit by 500 and 400 per cent respectively.

For the period ended 30 April, pre-tax profits were £1.28m, compared with £635,000 in the same period for 2004, and a turnover increase of £18.8m to £22.5m.

Ian Smith, Matrix chief executive, said: “I am very pleased to report on what has been yet another period of significant progress for the Group.”

Matrix recently began integrating its three distribution companies into a single unit, following last year’s acquisition spree that saw it buy Network Partners, Norwood Adam and equIP (CRN, 10 May).

Alistair Edwards, senior analyst at Canalys, said: “Matrix can only grow through acquisitions for so long. Overseas expansion is risky because it takes it into a new area of competition.”