Ambertech Profits Slump Despite Increased Revenues
Sydney based distributor Ambertech, has reported 9.4% increases in revenue to $4.2M due in part key contracts with the Sydney Opera house and Network Ten, despite the new contract’s profits slumped from $3.6M in 2022 to $1.9M in 2023.
It appears that the business who claim that they “Don’t just shift boxes” anymore is benefiting from trade shows with revenue from the Ten Network deal and the Opera house contributing $7M to their revenues with additional revenues set to be delivered from these accounts in 2024.
Working capital, being current assets fewer current liabilities, decreased by $1,082,000 to $19,683,000 as of 30 June 2023, from $20,765,000 in the prior year.
Company Chairman Peter Wallace admitted in their annual report that the business has faced “A few tough financial years” but is confident that the business can leverage their full-service distribution model going forward.
He said “By engaging in trade shows and industry conferences we have been able to strengthen business relationships and explore new business collaborations. Through targeted campaigns, business development activities, and product roadshows”.
There was no mention of the Companies retail or consumer divisions performance or how their musical instruments business was performing.