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Cellnet hopes for tech revolution to get profits back on track

Business

Technology distribution company, Brisbane based Cellnet, is pinning its hopes of 5G “supercycle” and the release of new gaming consoles to push it back into the black in 2020-21.

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The company produced a $2.3 million loss for the June 30 year following a fall in sales because of lockdowns, but revenue growth has returned in July.

Chief executive Dave Clark said he expected the next generation of gaming consoles would launch later this year. Sony is expected to release PlayStation 5 and Microsoft will launch its new Xbox.

“Both releases are highly anticipated and will drive an uplift in new compatible gaming accessories and increases software releases from all major publishers,” Clark said.

He said in the mobile phone segment the next supercycle of smartphone evolution was on the horizon through 5G technology.

“This landmark shift heralds a new age in mobile devices, delivering ultra-fast speeds to enable new categories including mobile gaming,” Clark said.=

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