Ingram Micro UK profits halved in the last full financial year as turnover fell by low double digits.
In the twelve months to 31 December 2008, the broadline giant made £2.2m compared to £5.6m in 2007 and sales fell 14% to £658m, according to a filing at Companies House.
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The directors at Ingram noted that the “UK IT market highly competitive” which favoured “large, financially sound distributors that have large product portfolios, economies of scale and strong business partner relationships.”
Days Payable Outstanding fell from 36.68 to 35.93 and the time it took resellers to pay their debts to Ingram improved to 38.82 days, up from 42.68 days a year ago.
The firm exited 2008 with £38m worth of stock, down 16.7% and debtors owed £78.4m, down from more than £100m in 2007.
This year has seen a fair bit of change at the distribution giant; it parted company with UK boss Julian Klein, finally replaced him with Matt Sanderson, and more recently acquired CCD as part of its efforts to build an infrastructure business.
As revealed by MicroScope, the company said recently when it reported calendar third quarter financials that it planned to continue acquiring companies in the converged infrastructure arena.