EET Group expands for twelfth consecutive year

Chief executive not satisfied with progress of distributor

Pan-European components and peripherals distributor EET Group, including EET Europarts, has reported turnover of €210.9m (£174.5m) in the 2013 year, up from €191.3m the year before.

According to a statement put out by the company, earnings before interest, tax and allowances was €14.6m, up from €14.5m in 2012.

John Thomas, chief executive of EET Group, said the revenue rise was due partly to acquisition and partly through organic growth and that the market has been difficult – particularly for its core IT and consumer electronics categories.

"For the twelfth consecutive year now, EET has seen an improvement in its operating income, which must be considered satisfactory in view of the current market conditions. But that said, I have to admit that I had hoped for a higher level of earnings," Thomas said.

As reported by ChannelWeb, EET Europarts bought EAF Supply Chain in the UK in January. The group as a whole, Thomas said, has been developing its product portfolio, new areas and concepts, but the returns so far have not been as positive as he hoped.

"I therefore consider the financial statement approved at an acceptable level, but there is still room for improvement," he said.

Last year saw the Birkerød, Denmark-headquartered Group acquire Digital TV and Living arms of Denmark-based Kjaerulff 1 as well as parts of Austrian cable distie Kaminek and a majority stake in Clint, a Danish audiovisual manufacturer. Home entertainment and "lifestyle electronics" are a core business area for EET.

Its portfolio includes computer, printer, tablet and mobile phone parts, physical security, and point-of-sale/auto-ID. It has 500 staff spread across 31 offices around Europe.