Home > Latest News > Ambertech Grow Revenues 25.6% Following Aquisitions Consumer Retail A Small Part Of Their Business

Ambertech Grow Revenues 25.6% Following Aquisitions Consumer Retail A Small Part Of Their Business

Past acquisitions are proving to be paying off the Sydney based distributor Ambertech with the business delivering a 25.6% increase in revenue and a 20% increase in profits, major retail business still appears to be a problem representing only a small part of their business despite recent acquisitions.

The business that acquired the struggling Convoy Internation the distributor of JB L Pro audio and Bluesound systems, lifted revenues to $50.9 million up 25.6% during the last six months of 2023.

The biggest contributor was their professional services division deliver 76% of their revenues.

The business did however manage to deliver a strong improvement in EBITDA with an 80% increase on pcp to $3.6 million.

Management declared a fully franked interim dividend of 1.2 cents per share, a 140% increase on pcp.

Profit came in after tax at $1.6 million.

Managing Director, Peter Amos, said: “Our team has worked diligently towards meeting strategic growth targets for the half year, and most pleasingly this has been achieved through the
performance of existing agencies. This success demonstrates our commitment to retain focus on each of the brands that we represent across our markets”.

He added “We have continued to deliver on some important project work, including at Network 10 and The Sydney Opera House during the period. Whilst larger projects typically provide lower average gross margins, they provide a solid foundation for additional business activity.”

Chief Operating Officer, Robert Glasson added: “We are satisfied that we are tracking well against our strategic growth plan, and we are confident that this will continue through into the second half of the financial year. Growth in business operating costs is beginning to plateau and this should lead.
to improved profitability on any future revenue growth.”

As for the second half in 2024, management claimed that second half of the financial year was looking “positive” for the business.

Glasson said “We have had a busy international and domestic trade show period, and this has highlighted many new opportunities for the business in the coming periods.

The strong start to the second half gives the Board confidence that the business can continue to grow and maintain a dividend of greater than 50% of the full year result. The Board and executive management continue to actively pursue further brand and acquisition opportunities in strategic.
growth areas”.

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