Storit/CMS Distribution: FY14 Financial Results

Storit Limited, the holding company of CMS Distribution Ltd., a UK and Ireland based VAD of storage, networking and IT infrastructure products and services announced its results for the year ended 31st December 2014.

Commenting on the results, founder and Group MD, Frank Salmon said: “We are very pleased with the performance of the group in 2014. Group turnover increased by 30% to £174 million, gross profit grew by 30% to £17.4 million and EBITDA increased by 53% to £4.4 million.”

Operational Highlights
In 2014, CMS reorganised its business to consolidate Interactive Ideas into CMS Distribution. This move enabled the company to leverage operating efficiencies and provide more solutions to its customers. CMS also opened its new logistics centre in Castleford, West Yorkshire, and exited the lease on its North London facility; subsequently relocating teams to their existing office in Enfield, and to a new office in Waterloo, London.

Salmon commented: “We continue to invest in value-added service. We work tirelessly to provide our customers with innovative and proven technologies, with good margin making opportunities, and they reward us with their business.“

Result and Outlook for 2015
Commenting on 2014’s result and on the future, Salmon said: “This is a great result; the best ever in CMS’s history. We are fortunate to have first-rate teams that are committed to helping our customers grow their businesses. Our focus is to continue to invest in systems, people and innovative vendors that will help us to exceed our customers’ expectations. True value-add is our key to growth and we look forward to serving our customers and delivering growth opportunities in 2015 and beyond.”  

The outlook for 2015 is positive. After a solid start in the first four months, the company’s revenues and profits are in line with internal targets.