"The Group delivered a strong operational and financial performance across all divisions during FY22 despite global semiconductor shortages and ongoing supply chain constraints which have resulted in a growing backlog.
We have continued to benefit from the successful positioning of our businesses to take full advantage of technology demand for networking, security and cloud infrastructure with an increased software and services mix driving higher recurring income."
- INDEPENDENT AUDITOR'S REPORT ON THE SUMMARY CONSOLIDATED FINANCIAL STATEMENTS
- BASIS OF PREPARATION
- Summary consolidated statement of comprehensive income
- Summary consolidated statement of financial position
- Summary consolidated statement of cash flows
- Summary consolidated statement of changes in total equity
- Determination of headline and underlying* earnings
- Salient financial features
Current trading and outlook
The positive momentum of the first half continued into the second half of the year with a strong performance recorded in September. The Group’s backlog and order intake have remained solid. The Group provides many of the solutions and services required for an increased IT networked way of doing business, such as remote working, cloud access and fixed or mobile secured networking and the business is currently benefiting from this. Operationally, the Group’s focus remains on optimising business performance and internal processes for the current environment. Priorities in the second half will include digital transformation and restructuring initiatives to align the business model and drive the benefits of the investments in advanced technology systems rolled out over the past few years.
The refinancing of the major subsidiaries of Westcon International on more favourable terms will improve liquidity and reduce interest expense going forward. The path of the Covid-19 pandemic remains uncertain and the unpredictable business and economic effects.