Cellnet On A Roll Profits & Revenues Up Despite COVID
CE distributor Cellnet has delivered a net profit after tax of $3.81 million, this is up 261% year-on-year and their best performance in 15 years according to CEO Dave Clarke.
During the first quarter ending September 2021 the business delivered Q1 sales of $21.4m and a pre tax profit of $286,000, this was despite lockdowns.
The business also delivered gross margin improvement of 330 basis points year on year with Q1 online sales up 47% year on year, dividends have been reinstated.
The business also appointed Peter Young as their new CEO for New Zealand.
Recently the Company announced new brand partners for 2021 that include BluAnt, Goodbay and Stealth headphones.
According to their annual report Cellnet has successfully grown their own brands in “high velocity core categories”.
This was achieved via their sourcing partnership with Wentronics a major shareholder in Cellnet.
Another plus for the Company was the appointment of Cellnet to the Poly range of products spanning Bluetooth headsets, smart speakers, USB headsets and personal video conferencing which has proved popular as workers take to home offices.
The business has also signed an ANZ agreement with RAM mounts. RAM mounts is the leading manufacturer of rugged and versatile mounting solutions for nearly any application and device including phones, tablets, cameras, GPS systems, laptops and marine electronics.
The business has also expanded their Techunion online operation which sells products not offered in stores and is used for clearance of end of life products returned from retailers.
This site is now operating inside eBay, Amazon and Kogan marketplaces.
The business is also offering Cellnet digital services for brands, this involves the Company in the management of brand web sites which millions of consumers are now accessing.
Among them is a new Thrustmaster web site.