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PCH International announces 2010 full year results
Strong demand for eReaders, smartphones and tablet
accessories drives record profits.
HIGHLIGHTS
- Revenue of US$413 million (€288.68m), up 170% year-on-year
- Record gross profit US$49 million (€34.25m), a 104%
year-on-year increase
- Record net profit of US$14 million (€9.78m), up from
US$400K (€279,600m) in 2009
- EBITDA US$16 million (€11.18m), up from US$2 million
(€1.39m) in 2009
DUBLIN, IRELAND -- 7 April 2011 -- Amekab Ltd, the holding
company for PCH International (a global supply chain
solutions company headquartered in Cork, Ireland) today
announced its full year results for 2010. The company
reported a gross profit of US$49 million for 2010, an
increase of 104% over 2009, and net profit of US$14 million,
up from US$400,000 in 2009. Revenue for the year was up 170%
at US$413 million, compared to US$152 million for 2009.
EBITDA (earnings before interest, taxes, depreciation and
amortization) was US$16 million, up from US$2 million last
year.
In 2010, PCH also secured US$26 million in a new round of
Venture Capital from two new private equity shareholders -
Triangle Peak Partners, a Californian private equity firm
which focuses on technology and energy, and Cross Creek
Capital, a Salt Lake City-based investment firm who are a
private equity affiliate of Wasatch Advisors Inc. This
funding is in addition to the US$21 million secured from
Lightspeed Venture Partners, Focus Ventures and Norwest
Venture Partners in 2008.
PCH International Chief Executive Officer Liam Casey
attributed the robust growth in 2010 to strong demand for
eReader, smartphone and tablet accessories.
“2010 was an extraordinary year for PCH. eReaders,
smartphones and tablets were the hottest products of 2010 in
the consumer electronics industry, and PCH is the leader in
the accessories market for these products. “Medical devices
were also in increasing demand throughout 2010,” said Mr.
Casey. “Strong demand for accessories, coupled with our
expertise in the global supply chain and our absolute
commitment to delivering peace of mind for our customers,
resulted in a successful year for our business. We saw
extensive growth in the manufacturing, postponement and
fulfillment areas of our business. We are delighted to
report record profits for the full year 2010,” said Mr.
Casey.
“PCH is revolutionizing traditional supply chain models for
our customers, and as a result we are dramatically
shortening the time-to-market for the latest products on the
market. For customers that utilize our fulfillment business,
we offer the longest global reach – from Shenzhen to the US
– with the leanest supply chain inventories.
“We are pleased with last year’s performance and we are
excited about the possibilities ahead of us in 2011. We will
continue to focus on growing our business and on developing
innovative solutions to support our customers,” said Mr.
Casey.
About PCH International
PCH International creates, develops and delivers the
world’s best technology products for the world’s best
brands, focusing on the accessories
market for eReaders, smartphones and tablets. With more than
1,200 employees spanning four continents, we offer a unique understanding of
China, end-to-end integrated supply chain solutions, world-class design and
transparent partnerships. Since 1996, we have used our entrepreneurial
vision and innovation to disrupt traditional supply chain models.
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