Features of the year

Value unlocked

We have delivered on our strategy and commitment to deliver long-term, sustainable and above-average returns to shareholders with two significant disposals.

  • Sold Westcon Americas and 10% of Westcon International to SYNNEX Corporation for US$630 million.
  • US$630 million in cash on completion (1 September 2017).
  • Additional potential cash earn-out, subject to Westcon Americas meeting gross profit performance targets (resolution process in progress).
  • Sold Logicalis SMC, a Dutch professional services business unit for US$42 million.
  • Logicalis acquired SMC on 4 March 2013 as one of the four European operations purchased from 2e2 for US$31 million. The purchase price attributed to SMC was US$5 million.
  • This represents an eight fold return on investment which represented a valuation of one times trailing revenues and 15 times trailing EBITDA.

Results summary

  • Stronger balance sheet with higher tangible NAV of

    US$452 million

    (FY17: US$264 million)

  • Solid Logicalis results

    and positive outlook

  • Continuing operations


    US$3.92 billion

    (FY17: US$3.86 billion)


    US$26.7 million

    (FY17: US$29.0 million)

  • Earnings per share

    20.5 US cents

    (FY17: 1.4 US cents)

  • Underlying* loss per share

    5.6 US cents

    (FY17 underlying* earnings per share: 11.0 US cents)

  * Excluding impairments of goodwill and intangible assets, profit or loss on sale of investments and assets, amortisation for acquired intangible assets, unrealised foreign exchange movements, acquisition-related financial instruments, restructuring costs relating to fundamental reorganisation, SYNNEX deal-related expenses and the taxation effect on all of the aforementioned.