Avnet acquisitions pay dividends

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Avnet acquisitions pay dividends

Paul Kunert

The buy and build strategy employed by Avnet in the last financial year has helped the distributor post relatively healthy results in spite of tough trading conditions.

In Europe, Avnet has acquired Magirus' enterprise infrastructure division, ACAL's IT solution business unit and more recently Horizon Technology since July 2007.

Results for the fourth quarter ended 28 June, showed Avnet grew revenues 10.4% to $4.68bn year-on-year but excluding acquisitions, organic growth was 4.2%. Profit for the quarter rose from $124.7m to $144m in fiscal 2007.

"We are very pleased with our better than expected," said Roy Vallee, Avnet CEO, "Excluding certain items our sequential performance improved significantly."

For the full year, Avnet saw revenues grow 14.5% to $17.95bn, organically sales increased 4.9%. Profit was a record $499m up from $393m in 2007.

"In fiscal 2008 our focus on value based management and value creating M&A resulted in record financial results despite the challenging macro-economic forces impacting our markets," said Vallee.

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