Submitted by Islam Soliman on May 24, 2023
Westcon-Comstor has reported a yearly revenue increase of 18.3% to $3.42bn for FY23, marking the second consecutive year of double-digit growth.
This increase, spurred by demand for cybersecurity and networking solutions, also marked the first time the company's revenue exceeded $3bn.
The company is also shifting towards a software and subscription-based recurring revenue model, now comprising 42% of its revenue.
Additionally, it posted a 21% YoY rise in adjusted EBITDA profit to $95.1m.
David Grant (pictured), CEO at Westcon-Comstor, said: "These results demonstrate our ability to thrive amid challenging macro-economic conditions.
“We have seen an industry-beating performance in cybersecurity and networking, while our growth in software and services underlines our shift to a subscription-based, recurring revenue XaaS future.”