PRESS RELEASE | OCTOBER 2012PCH announces 2011 full year results
PCH today announced its full year results for 2011 with the Group reporting a 72% increase in turnover to US $710m (€510.1m).
The increase was driven by strong demand for accessories for smartphones, tablets and eReaders.
Gross profit for the year totaled $70.7m (€50.8m), an increase of 46.6% year-on-year, translating to a net profit of $17.9m (€12.9m). EBITDA totaled a record $24.5m (€17.6m) which represented a 37.9% year-on-year increase.
Some of the report highlights included:
- Group revenue of US$710.0m (€510.1m), an increase of 72% year-on-year;
- Record gross profit of US$70.7m (€50.8m), an increase of 46.6%;
- Net profit of US$17.9m (€12.9m), an increase of 26.7% year-on-year;
- EBITDA of US$24.5m (€17.6m), an increase of 37.9% on the record FY10 level;
- Secured c.US$30m (€21.5) of additional capital from existing and new funders;
- Expansion of PCH supply chain services including:
- PCH Accelerator Program launched
- Successful completion of the acquisition of TNS Distribution
- New PCH offices opened in Seoul and Tokyo
- PCH China Direct launched
In respect of funding, the Group raised an additional c.US $30m from a combination of existing and new investors. Commenting on the Financial Results, Liam Casey, CEO said: “We operate in a very fast-paced and dynamic industry and we are working with the world’s top brands and world’s best entrepreneurs. This means we have to continuously adapt to offer our customers the best possible services.
Mr Casey continued, “Our continued focus during 2011 facilitated not only strong growth for PCH but also continued success for our customers. We recognize the opportunities to further scale the business and are investing heavily during 2012 to ensure that PCH continues to expand our service offerings, expand the geographies in which we operate, deepen our skillset and most importantly to deliver peace of mind to our customers. We are very excited by the opportunities that lie ahead of us.”
Mr Casey attributed the continued strong growth in 2011 to a “focus and determination to continuously expand the company’s ‘end to end supply chain solutions’ while always putting the customer first.”
“PCH is revolutionizing traditional supply chain models, and as a result we continue to dramatically shorten the time-to-market for the latest products on the market.”
Liam Casey, Founder and CEO, PCH
During 2011 the Group continued the expansion of the services offered by:
- Launching the PCH Accelerator program, partnering with high potential hardware startups. This program allows innovative hardware startups to access the same PCH services utilized by some of the world’s most recognized technology brands. PCH expertise facilitates the speed of startup products to market and we believe we are helping to build the Fortune 500 companies of the future.
- In May 2011, PCH acquired Dublin-headquartered TNS Distribution, a European distributor of consumer electronic products and accessories with offices throughout Europe and in China. This acquisition further expanded the PCH ‘end to end’ supply chain by adding the capability to deliver electronic accessories direct to retail shelves. The integration of TNS into the PCH Group has been completed and the synergies realized have exceeded expectations
- Opening of new PCH offices in Seoul and Tokyo to provide expanded sourcing, supplier management and customer relations services
- Launching PCH China Direct, enabling global brands to sell into the domestic China market The Group recognises the opportunities for it to significantly expand and deepen its service offerings both across geographies and sectors.
In this regard, 2012 represents a year of investment, with investments being made in:
- Technology and new product development capabilities
- Geographical expansion most notably in the US with the acquisition and expansion of Lime Lab
- Sustainability, with the recognition of the need to improve the transparency of supply chains throughout the electronics industry
- China, focused in particular on product delivery within the domestic China market
- Investing in experienced talent acquisition to further develop our skillset