After its CEO walked out after a disagreement over strategy, international IT and cloud services provider Cancom has reported solid sales and profits growth for the last quarter and year.
The Munich, Germany-headquartered firm said FY2019 generated revenues of €1.64bn, which was up 18.9% year-on-year, and EBITDA was €134m - up 16.7%.
For the last quarter, there was annual sales growth of 12% to €463.6m, with profits growing by 10% to €40.2m.Cancom CEO Rudolph Hotter said: "The preliminary group figures for 2019 confirm our annual forecast, which we raised last summer. We have achieved very significant growth, which was supported by a large number of products and solutions in our portfolio, and thus we have a stable foundation.”
He added: "Backed by this success, we intend to gain further market share while continuing the transformation of the Cancom Group towards cloud solutions and the high-margin managed services business."
Former CEO Thomas Volk walked out on the business less than a month ago after citing "differing opinions on the future strategic development of the company".
Volk only became CEO in October 2018, after previous incumbent Klaus Weinmann stepped down after 26 years at the top. Rumours emerged last autumn that Cancom could well be up for sale, with the likes of CDW, NTT and Bechtle all reportedly circling, but the company has never commented on the speculation.
Cancom re-entered the UK market in 2018 after it acquired OCSL, and it acquired Irish MSP Novosco for around £70m last year.
