monsitj - Fotolia

Russian sale hits Insight EMEA numbers

The sale of the Russian operation dragged down the EMEA performance for Insight in Q3

The sale of the Russian business knocked the EMEA numbers for Insight but there were some benefits of fluctuating currency rates as the channel player reported its third quarter numbers.

Net sales for EMEA of $312.2m were flat and gross profit of $41.6m, was a 9% year-on-year improvement. But those numbers would have been down by 2% and 6% respectively once currency fluctations were taken out of the mix.

A $3.6m loss on the sale of the firm's Russian business meant that EMEA delivered a $2.1m loss in the third quarter, compared to $270,000 at the same time last year.

The sale of the Russian business after senior management decided the territory would not deliver against long term plans.

As well as off-loading the Russian operation Insight was also actively acquiring and picked up Dutch player Caase in late September to bolster its cloud and service capabilities across EMEA.

Overall the firm delivered net sales of $1.76bn for the three months ended 30 September, which was up by 26% compared to 2016.

Gross profit climbed by 24% year-on-year to come in a $226.1m with the US the best performing region for the firm.

Ken Lamneck, president and CEO of Insight, was ablke to talk about "solid execution" and "profitable growth" and talk of ending the fiscal year on track.

"Our business is healthy. We have gained market share organically in 2017 and added strategic skills and capabilities to our portfolio with the addition of Datalink that will be critical to our continued success," he said.

"Amid a stable demand environment, we believe our extensive supply chain, cloud, data center and software capabilities combined with disciplined execution will serve us well in closing out a record year in 2017 and heading into 2018," he added.

MicroScope+

Content

Find more MicroScope+ content and other member only offers, here.

Read more on Finance and Credit

Start the conversation

Send me notifications when other members comment.

By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Please create a username to comment.

-ADS BY GOOGLE

ComputerWeekly.com

SearchITChannel

Close