Storit Limited, the holding company of CMS Distribution, reports record year for 2016 with revenue up 82% to £325m


London and Ireland, 19th April 2017 : Storit Limited, the holding company of CMS Distribution, a leading specialist distributor supplying business and consumer technologies, today announced a record fiscal year with 82% turnover increase over 2015 to £325m. EBITDA surged by 126% and exceeded £10m for the first time reaching £12.3m.

Highlights :
2016 was a record year for the Group. “We are delighted with the results which showed growth across all areas of the business. Our Enterprise business continued to outpace the market, driving strong growth in security, information management, storage and open source technologies, along with our Retail channels, which also delivered high growth. As our customers continue to deliver innovation around digital transformation, the business portfolio continues to drive change and open doors to new thriving markets” said Frank Salmon, founder and CEO of CMS Distribution Ltd.In April 2016, CMS Distribution acquired Widget Investments. He continued “The Widget business was integrated into CMS Distribution in August ’16, as part of our ongoing strategy of bringing companies together to leverage strengths and synergies. We are very excited with the future potential of this acquisition and its impact on the Group’s financials.”

Further investments in 2016 included the acquisition of a majority stake in Newgen Distribution, a Swedish based distributor serving the Scandinavian market, and the launch of a branch in Madrid, Spain to service the Iberian market. Post year-end, the Group announced the acquisition of TNS Connect, an award-winning distributor of emerging technologies and accessories, headquartered in Ireland but also operating in the UK, mainland Europe, Australia and China.

Outlook for 2017 :
Commenting on the future of the Group, Frank Salmon concluded: “We continue to invest in systems and customer opportunities that will drive growth and sustained value into the future, as we continue to roll out our business model across new territories. I am very excited about the future of the Group.”

Summary Financial Information / Statement :

2016* 2015*
£000’s £000’s
Turnover 324,548 178,241
Gross Profit 29,352 17,197
Profit before Tax 10,049 4,245
EBITDA 12,344 5,466
EBITDA Margin 3.8% 3.1%

*The financial year of Storit runs from 1st January until 31st December.

About Storit Limited :
Storit Limited is the holding company of CMS Distribution.

About CMS Distribution Ltd :
Established in 1988, CMS Distribution seeks out innovative technology companies and connects them to smart customers. CMS Distribution is trade only, selling to over 2,000 business to business and business to consumer Reseller partners. The company employs 350 people across six locations in the UK and Ireland, plus locations in the Netherlands, Sweden, Spain, Australia and China.

For further information on CMS Distribution, please visit www.cmsdistribution.com .

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