StorIT, Holding of CMS Peripheral: Fiscal 2010 Financial Results

StorIT Limited, the holding company of CMS Peripherals, a UK and Ireland based VAD of storage and security products and solutions, announced its results for the year ended December 31st, 2010.

Financials

• Despite a challenging external market, the group has grown revenues by 9.1% over 2009 and our profit before taxation by 8.0%.
• Gross margin has declined slightly from 10.5% to 9.2% as the company grew its revenues and offered better value to customers in a very competitive market.
• It continued to streamline the cost base of the group with operating costs down 6.5% versus 2009.

Customers
The company continues to add customers to its portfolio, both in Ireland and the UK by demonstrating competitive pricing, flexibility and valued added service.

Vendors
The company reviews its vendor portfolio on a continual basis and have exited some vendor relationships during the year. It also added to vendor base across all of its business units. It sees this as a vital component of customer and revenue growth strategy and will continue to examine opportunities to add relevant new offerings that provide margin opportunities for resellers.

Outlook for 2011
Outlook for 2011 is positive and the company had a solid start in the first quarter with revenues and profits ahead of the same period last year. It is investing in sales organisation and will recruit a number of graduates and experienced industry professionals in the first half of the year.