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Westcon International – Financial performance
Westcon International delivered strong profit growth in all regions. Westcon International remains focused on delivering outstanding financial performance and accelerating its transformation into a leading global data-driven technology provider and specialist distributor of cyber security and networking solutions.
| US$ million | FY25 | FY24 | % movement | Note reference | |
| Revenue^ | 1 969.2 | 2 219.7 | (11.3)% | 1 |
|
|---|---|---|---|---|---|
| Gross profit | 441.2 | 403.4 | 9.4% | 1 |
|
| Gross margin^ (%) | 22.4% | 18.2% | 1 |
||
| Operating costs | (304.9) | (282.4) | 8.0% | 2 |
|
| EBITDA | 136.3 | 121.0 | 12.6% | ||
| EBITDA margin^ (%) | 6.9% | 5.5% | |||
| Adjusted EBITDA | 149.9 | 120.2 | 24.7% | 3 |
|
| Adjusted EBITDA margin^ (%) | 7.6% | 5.4% | 3 |
||
| Adjusted EBITDA as a % of gross profit | 34.0% | 29.8% | |||
| Depreciation and amortisation | (26.0) | (24.7) | 5.3% | ||
| Operating profit | 110.3 | 96.2 | 14.7% | ||
| Operating profit margin^ (%) | 5.6% | 4.3% | |||
| Net finance costs | (37.3) | (37.2) | 0.3% | 4 |
|
| Profit/(loss) before tax | 73.0 | 59.0 | 23.7% |
Revenue^ decreased by 11.3% to US$2.0 billion (FY24: US$2.2 billion^) due to changes in revenue mix and a greater percentage of revenue being accounted for on a net revenue basis.
Gross profit increased by 9.4% to US$441.2 million (FY24: US$403.4 million), with growth in all regions and a significant increase in Asia-Pacific.
The increase in gross margin^ % is largely attributable to the change in revenue mix.
Westcon International gross profit
% contribution by geography
 |
^ FY24 restated. Refer to Retrospective application of a voluntary change in accounting policy. |
Operating costs increased by 8.0% due to an US$8.0 million increase in share-based payment charges and restructuring expense of US$6.3 million, offset by a net foreign exchange gain of US$3.1 million (FY24: net foreign exchange loss of US$1.5 million).
Excluding these items, operating costs have increased by 4.5%.
Adjusted EBITDA increased by 24.7% as improved operating efficiencies resulted in operating expenses increasing at a lower rate than gross profit growth. An improved adjusted EBITDA margin of 7.6% (FY24: 5.4%) was generated.
Net finance costs remained flat at around US$37.3 million.
| US$ million | FY25 | FY24 | |
| Cash resources | 321.7 | 328.5 | |
|---|---|---|---|
| Bank overdrafts | (10.6) | (8.6) | |
| Short-term interest-bearing liabilities and short-term leases | (306.1) | (391.8) | |
| Long-term interest-bearing liabilities and long-term leases | (35.1) | (17.0) | |
| Net cash | (30.1) | (88.9) |
Net debt is at a three-year low, decreasing by US$58.9 million to US$30.1 million.
Net working capital days decreased to 3 days (FY24: 21 days) due to a combination of increased inventory turns and lower days sales outstanding.