Azlan profits shoot up 74%
Surfing Europeans fuel growth
Azlan Group reported profit up 74 per cent thanks to growing Internet use in Europe.
The UK networking distributor recorded pre-tax profit of $16 million for the year ended March 31 2001, compared to $9.3 million the previous year.
Sales grew 44 per cent to $592 million, with fourth quarter revenue rising ten per cent sequentially.
"Our success in 2000/01 has provided a firm foundation for the new financial year and we are encouraged by the continued growth we are seeing in the early part of this year," said Azlan chairman Barrie Morgans.
"However, we recognise the more cautious economic environment which has been developing and will be planning our business accordingly."
The company now runs 41 offices in 15 countries in Western Europe, including Finland (since May 2000) and Portugal (since July 2000).
It said the expansion of Net use and internet-related applications across Europe had fuelled business growth during the year.
Sales in its product business grew 48 per cent to $526 million, while its training business increased to $47 million from $41 million. Revenue in its services division grew 42 per cent to $19 million. ®