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Logicalis International performance

Logicalis International revenue percentage contribution by geography

Logicalis International gross profit percentage contribution by geography

US$ million     FY23  FY22  %
movement 
Revenue     1 231.5  1 133.3  9 

In constant currency, revenue improved by 16.0%.
Gross profit     306.3  304.3  1 

Underlying gross margin percentage was impacted by product and services mix.
Gross margin (%)    24.9  26.9    
Operating costs     (255.8) (240.3) 6 

FY23 increase in operating costs principally reflects the costs incurred for restructuring initiatives as a result of the separation of Logicalis into Logicalis International and Logicalis Latin America in addition to other rationalisation decisions across local regional operations.
EBITDA     50.5  64.0  (21)
EBITDA margin (%)    4.1  5.6    
Adjusted EBITDA     66.2  64.9  2 

Adjusted EBITDA excluded restructuring costs of US$12.5 million and one-off tax items impacting EBITDA of US$2.6 million.
Adjusted EBITDA margin (%)    5.4  5.7    
Operating profit     6.6  27.9  (76)

Operating profit was impacted by restructuring costs of US$12.5 million and impairments relating to right-of-use assets and capitalised development costs totalling US$6.5 million as a result of the restructuring actions taken during the year.

The net interest charge increased by US$4.4 million to US$11.9 million, reflecting the impact of a higher interest base rate environment on borrowings.
Operating profit margin (%)    0.5  2.5    

Cash and net debt

US$ million     FY23  FY22 
Cash resources     117.6  95.2 
Bank overdrafts     (142.1) (127.1)
Short-term interest-bearing liabilities and short-term leases     (31.8) (37.7)
Long-term interest-bearing liabilities and long-term leases     (31.7) (41.3)
Net debt     (88.0) (110.9)

Non-financial performance

Logicalis International has made excellent progress with all its FY23 strategic objectives. Cloud professional and managed services revenues increased with the introduction of new lifecycle solutions built around the hardware and software of Logicalis International's most strategic vendors. The establishment of its southern and northern hubs ensured that Logicalis International was able to scale solutions globally to deliver tangible business outcomes for clients.