Systemax, trading as Misco throughout Europe, a leading distributor of hardware, software and related products has announced group results for the quarter ended March 31, 2006.
Net income grew to $17.6 million, up from only $2.6 million in the same period of 2005. The reason for the spectacular growth in earnings was due to successful cost cutting that took place worldwide without sacrificing sales growth. Income from operations, increased from $5.1 million in 2005 to $20.9 million in 2006. Misco UK accounted for 50 % of this contribution in Europe. European sales decreased marginally in U.S. dollars but increased 11.1% in constant dollars compared to the year-ago quarter.
Sandy Price, UK General Manager commented, “We have worked hard over the last two years, remaining focused on controlling costs and growing our business. We are now starting to see the benefits of our hard work and dedication and it’s very rewarding”.
Systemax anticipates reporting its second quarter results in approximately six weeks.
Misco has been appointed by OGCbuying.solutions, an Executive Agency of the Office of Government Commerce within HM Treasury, as an Approved Catalist Supplier for ‘Supply of ICT Goods and Associated Services’. Catalist is a set of framework agreements for the whole UK public sector that provide a simplified means of calling off a diverse range of goods and services. Following the pre-qualification exercise for the ICT Goods and associated services project, 94 companies were short listed to tender. Only 30 of these were awarded contracts across the various lots. Misco tendered for and were successful in the following Lots:
Network Infrastructure (including Servers)
Client Devices (including PC's, Laptops, PDA's etc.)
Peripherals (including Printers & Scanners)
Software (license & boxed products, including Operating Systems, Applications, Network, Security etc.)
“This new contract award, the largest IT supply framework in the UK , will open up totally new markets previously closed to us such as healthcare, MoD and central government and strengthen our proposition within the existing client base. It is not possible to overstate the importance of this contract to our company's future success”, commented Mike Williams, Misco Public Sector Sales Manager.
Further details are available at
http://www.misco.co.uk/publicsector. The formal launch of the framework agreement is the 2nd of May 2006.
