Logicalis revenue surges 12 per cent amid strong order intake

Global IT solutions provider reports robust financials despite economic headwinds

Reseller Logicalis reported a revenue surge of 12.1 per cent to US$645.4m, compared to US$575.6m in the same period of the previous fiscal year (H1 FY23).

Despite facing macroeconomic hurdles, the company said its performance shows its resilience and strategic positioning within the industry.

It also said it continued to experience a strong order intake during H1 FY24, although slightly lower than the exceptional levels seen in the previous fiscal year.

Improving supplier lead times contributed to a 16.7 per cent decrease in product backlog over the past 12 months, with the backlog standing at approximately US$244m at the end of H1 FY24 (H1 FY23: US$293m).

Logicalis; gross margin improved to 24.4 pre cent (H1 FY23: 23.8 per cent), driven by enhancements in product margins. Gross profit reached US$157.5m (H1 FY23: US$136.7m).

EBITDA soared by 41 per cent to US$25.8m (H1 FY23: US$18.3m), with a corresponding EBITDA margin of 4 per cent (H1 FY23: 3.2 per cent).

Adjusted EBITDA, excluding one-off tax items and share-based payment costs, increased to US$28.4m (H1 FY23: US$26.5m), with a corresponding adjusted EBITDA margin of 4.4 per cent (H1 FY23: 4.6 per cent).

Logicalis also reported operating profit rebounding to US$11.2m from the US$0.3m it generated in 2023, with the previous year's figure impacted by restructuring costs of US$5.2m.

Logicalis Spain increased its shareholding in Audea Seguridad de la Informacion, S.L. to an effective 86.15 per cent as of 31 August, 2023, through two acquisitions in March and April 2023.

"Logicalis International continues to develop its capabilities within cloud, IoT, software, security, data management, and intelligent networks in support of its strategy to provide full life-cycle solutions around IT infrastructure to its customers," stated the company.

While acknowledging the short-term macroeconomic uncertainties, Logicalis expressed confidence in the long-term prospects for the industry and its positioning within it.