Dicker Data FY11 profit up 35.6%

IT product distributor Dicker Data grew its FY11 profit to $6.1 million, and reported record revenue led by strong 2H sales

Wholesale IT product distributor Dicker Data (ASX:DDR) reported a 35.6 per cent increase in FY11 profit — to $6.1 million — in its first set of results as a publicly-listed company.

Revenue grew 34.4 per cent to a record $385 million, with the company attributing the growth to strong sales in the second half.

The report states that vendor sales for HP, Toshiba and Asus products had been higher than expected, and that growth was also led by an increase in software and licensing revenue.

Margins on sales also improved slightly during the quarter, with gross margin growing 46.2 per cent to $26.1 million.

Operating profit — excluding IPO expenses and costs associated with property disposals — reached $10 million. During the year, the company moved into a larger facility in Kurnell, Sydney, and the latter costs were accrued from the sale of the old land.

In a letter to shareholders, CEO David Dicker said now the new facility is fully operational, “we expect continued growth in 2012.”

Dicker Data listed on the ASX on January 20, and commenced trading two days later.

DDR shares stayed flat on Thursday at $0.300.

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