Storit Limited (Holding Company of CMS Distribution Ltd UK & Ireland) Announces Results for Year Ended 31st December, 2012

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Revenue and profitability growth in a record year

Storit (CMS Distribution Ltd) announces revenue and profit growth in 2012
We have grown our revenues by 45% over 2011 and our profit before taxation by 49%

Storit Limited, the holding company of CMS Distribution (formerly known as CMS Peripherals), a UK and Ireland-based Value-Added Distributor of Information Storage and Security products and solutions today announced its results for the year ended December 31st, 2012.

Financials:
We are very pleased with the performance of the group in 2012. Despite a challenging external market, we have grown our revenues by 45% over 2011 and our profit before taxation by 49% and look forward to more positive growth in 2013. Our 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 our offering to our customers, our reach for vendors, and supports our long term growth plans.

Customers:
We continue 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 true valued added service. We work tirelessly to provide our customers with innovative and proven technology with good margin making opportunity and they reward us 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.

Summary Financial Information:

2011 (€000’s)
Turnover 112,940
Gross Profit 11,563
Profit before Tax 1,818
Net Profit 1.6%

2012 (€000’s)
Turnover 164,387
Gross Profit 16,587
Profit before Tax 2,709
Net Profit 1.6%

About Storit:
Storit Limited was established in 2001 and is the holding company of CMS Distribution Ltd, UK and Ireland.

About CMS Distribution Ltd:
CMS Distribution is a value added distributor of business and consumer data storage products and solutions in the UK and Ireland. The company employees 200 people across 3 locations: London, Harrogate and Ireland. CMS is a trade only distributor and is the appointed Distributor for 50 Manufacturers including, Commvault, Quantum, QNAP, SanDisk, Seagate & Symantec. CMS services 2,000 resellers and retailers across the UK and Ireland.

For more info about CMS visit: http://www.cmsdistribution.com
Email Tom Burke, Group Finance Director at: tom.burke at cmsdistribution.com
or Frank Salmon, Group Managing Director at frank.salmon at cmsdistribution.com

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Alexandra Stefanovich
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