Menu
Ingram Micro NZ shrugs off Cisco loss, increases sales in 2018

Ingram Micro NZ shrugs off Cisco loss, increases sales in 2018

Ingram Micro rebounds from Cisco loss with a healthy result in 2018

Credit: Ingram Micro

Ingram Micro increased revenues in New Zealand last year despite its controversial loss of the Cisco distributorship in late 2017.

Reported sales fell by $18.6 million but only because of a change in accounting standards between the two years. 

On that basis, reported sales fell from $661.3 million in 2017 to $642.7 million for the year ended 31 December 2018 after an accounting standard impact of $39 million changed the treatment of revenue from networking and security products.

Like for like sales in 2018, however, were $681.7 million, up $20.4 million, notes in Ingram Micro NZ's accounts filed yesterday explain.

Gross profit went up from $65.3 million to $72.9 million while net profit was reported as $8.3 million, up from a loss in 2017 of $17.1 million, partly due to an impairment of $15 million recognised in that year.

Ingram Micro lost the major distributorship of Cisco in late 2017 after Cisco consolidated from three distributors (Ingram Micro, Dicker Data and Comstor) to just one: Comstor.

Spark-owned distributor Telegistics then picked up distribution for Cisco as a result of a trademark dispute between Cisco and Spark over the use of the term "Spark" in some of Cisco's communications products.

Telegistics also won sole distribution for those Cisco collaboration products. Earlier this year that decision was changed and Comstor now also distributes Cisco's collaboration products, which have now dropped the "Spark" brand globally.

Ingram Micro accounts show it also altered its capital structure, with its parent entity converting bonds on which interest was payable into equity. 

Finance costs were down during the year by $7.4 million.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Ingram Microdistributorsannual results

Featured

Slideshows

Reseller News Innovation Awards 2019: meet the winners

Reseller News Innovation Awards 2019: meet the winners

Reseller News honoured the standout players of the New Zealand channel in front of more than 480 technology leaders in Auckland on 23 October, recognising the achievements of top partners, emerging entrants and innovative start-ups.

Reseller News Innovation Awards 2019: meet the winners
Malwarebytes shoots the breeze with channel, prospects

Malwarebytes shoots the breeze with channel, prospects

A Kumeu, Auckland, winery was the venue for a Malwarebytes event for partner and prospect MSPs - with some straight shooting on the side. The half-day getaway, which featured an archery competition, lunch and wine-tasting aimed at bringing Malwarebytes' local New Zealand and top and prospective MSP partners together to celebrate recent local successes, and discuss the current state of malware in New Zealand. This was also a unique opportunity for local MSPs to learn about how they can get the most out of Malwarebytes' MSP program and offering, as more Kiwi businesses are targeted by malware.

Malwarebytes shoots the breeze with channel, prospects
Show Comments