Exclusive Networks has reported strong growth for 2023, with gross sales soaring to €5.1bn, a 14% increase, and revenues rising above 6% to €1.5bn.
The company’s net margin also grew by 14% to €468m, primarily driven by existing vendor relationships and market expansion.
The cybersecurity distributor’s focus has shifted towards software and support & maintenance, now constituting a large portion of its sales mix.
Hardware sales declined to 25% of total sales, down from 27% in FY22, while software remained steady at 49%, and support & maintenance increased to 26%, up from 24% in FY22.
The VAD's cloud-based business now represents 32% of the group's revenue, while recent acquisitions represented 0.8% of growth in 2023.
CEO Jesper Trolle (pictured) said: “Acquisitions remain an important growth lever for us and we made two acquisitions in 2023 – Ingecom and Consigas – which are an excellent strategic fit and progressing well.”
The EMEA region continues to be Exclusive's largest market, contributing significantly to its sales. The company's profitability has markedly increased, with adjusted EBIT climbing 19% to €191m.
Looking ahead, Exclusive Networks predicts a growth of 10-12% for FY24, with net margin expected between €500m and €515m,.
Adjusted EBIT is forecasted to be between €200m and €210m, with a strong free cash flow performance anticipated.
