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Logicalis International performance
Logicalis International
revenue
percentage contribution by geography
Logicalis International gross
profit
percentage contribution by geography
| US$ million |
FY24 Reported |
FY23 Reported |
% Movement |
Note reference |
|
| Revenue | 1 250.2 | 1 231.5 | 2 | 1 | |
|---|---|---|---|---|---|
| Gross profit | 338.6 | 306.3 | 11 | 2 | |
| Gross margin (%) | 27.1 | 24.9 | |||
| Operating costs | (272.0) | (255.8) | 6 | 3 | |
| EBITDA | 66.5 | 50.5 | 32 | ||
| EBITDA margin (%) | 5.3 | 4.1 | |||
| Adjusted EBITDA | 74.1 | 66.2 | 12 | 4 | |
| Adjusted EBITDA margin (%) | 5.9 | 5.4 | |||
| Operating profit | 39.1 | 6.6 | 492 | 5 | |
| Operating profit margin (%) | 3.1 | 0.5 |
| 1 | In constant currency, revenue improved by 0.9%. Revenue growth was impacted in FY24 as a result of a higher proportion of net revenue accounted software sales. |
| 2 | The improved gross margin percentage was a result of higher product margins achieved. |
| 3 | Operating costs increased 6.3% reflecting the growth in the business partially offset by reduced costs as a result of the restructuring actions taken in FY23. |
| 4 | Adjusted EBITDA in FY24 excluded acquisition and integration costs of US$3.4 million, one‑off tax items impacting EBITDA of US$1.8 million and share‑based payment costs of US$2.4 million. In FY23, adjusted EBITDA excluded restructuring costs of US$12.5 million, one-off tax items impacting EBITDA of US$2.6 million and share‑based payment costs of US$0.4 million. |
| 5 | Operating profit of US$39.1 million (FY23: US$6.6 million) reflecting a better quality of earnings. |
Net working capital
Improved debtor collections, lower inventory levels and maintaining supplier accounts payable at year end resulted in an overall reduction of net working capital by US$38.0 million. Net debt reduced by US$8.7 million to US$79.3 million (FY23: US$88.0 million).
Cash and net debt
| US$ million | FY24 | FY23 | ||
| Cash resources | 123.8 | 117.6 | ||
|---|---|---|---|---|
| Bank overdrafts | (141.4) | (142.1) | ||
| Short-term interest-bearing liabilities and short-term leases | (28.5) | (31.8) | ||
| Long-term interest-bearing liabilities and long-term leases | (33.1) | (31.7) | ||
| Net debt | (79.3) | (88.0) |
Non-financial performance
Logicalis International has made excellent progress with all its FY24 strategic objectives. Cloud professional and managed services revenues continue to increase year over year.
In FY24, Logicalis launched the digital fabric platform with over 200 managed services customers already onboarded across EMEA, Australia and the United States. In January 2024, a subsequent release of the platform was announced with a focus on providing more detailed insights, greater transparency and actionable AI‑powered recommendations for customers.