Strong cybersecurity and networking growth deliver 'record annual revenue' for Westcon-Comstor
The distributor’s total revenue was up 18.3 per cent to $3.42bn in its FY23
Westcon-Comstor has announced an 18.3 per cent year on year increase in total revenue to $3.42bn for its FY23.
The UK-based distributor says growth was driven by strong demand for cybersecurity and networking offerings, and an acceleration in its shift to a software and subscription-based recurring revenue model.
According to Westcon, this is the second consecutive year that the company has reported double-digit growth in total revenue.
It also says it's the first time that revenue has exceeded $3bn, with CAGR of eight per cent.
The company's earnings results for the year ending 28 February 2023 also show a 21 per cent year on year increase in Adjusted EBITDA profit to $95.1m.
Cybersecurity and networking growth
Revenue from cybersecurity solutions was up 17 per cent year on year to $1.33bn.
While, revenue from Westcon-Comstor's networking portfolio increased by 19 per cent to US$1.76bn.
Its FY23 earnings also demonstrate Westcon-Comstor's ongoing shift to software, services and subscription-based recurring revenues, which the distributor says now accounts for 42 per cent of revenue.
"These results demonstrate our ability to thrive amid challenging macro-economic conditions, while accelerating our journey to becoming the world's leading data-driven technology provider and specialist distributor of cybersecurity and networking solutions and services," said David Grant, CEO at Westcon-Comstor.
"Our data-driven approach, combined with our commitment to Partner Success and environmental and social responsibility, means we are uniquely positioned to bring real value to our partners and vendors - enabling them to drive their digital transformation and navigate the increasingly rapid evolution of the technology distribution landscape."
Grant added: "We're delighted to have reached so many new milestones in 2023, including accelerating our own digital transformation with the recent successful launch of our PartnerCentral marketplace."