Storit (CMS Distribution): FY12 Financial Results

(in £ million)	FY11	FY12
Revenues	112.9	164.4
*Growth*		*45%*
Profit before tax	1.8	2.7

Storit Limited, the holding company of CMS Distribution Ltd (formerly known as CMS Peripherals), a UK and Ireland-based VAD of information storage and security products and solutions announced its results for the year ended December 31st, 2012.

Financials:
Despite a challenging external market, the company has grown revenues by 45% over 2011 and profit before taxation by 49% and look forward to more positive growth in 2013. Net cash balance increased by £3.1m in the year as we continued to streamline our group working capital requirements.

Operational Highlights:
Following the acquisition of CCI Distribution Ltd in 2011, the company was integrated into the wider group on the 1st January, 2013 and the new combined company was rebranded under the new name, CMS Distribution Ltd. The new company name reflects the activities of the business and broadens offering to customers, reach for vendors, and supports long term growth plans.

Customers:
The firm to add customers, both in Ireland and the UK. This is driven by a wider portfolio of vendors combined with competitive pricing, flexibility, expertise and valued added service. It works tirelessly to provide customers with innovative and proven technology with good margin making opportunity and they reward the company with their business.

Outlook for 2013:
Commenting on the results and on the future, Frank Salmon, founder and group MD said: "We are really pleased with the results last year. We have implemented SAP as our group wide ERP platform and continue to invest in process improvement and our sales organization. We continue to invest in sales, HR and performance management tools, these enable us to track our pipeline and ensure our people maintain the highest standards of performance in our industry. We continue to look for acquisition opportunities that help us to meet our strategic goals. Our outlook for 2013 is positive after a solid start in the first three months, revenues and profits are in line with internal targets."