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Cellnet readies for technology supercycle as profit booms

Business

Cellnet has claimed it was entering a “supercycle” for gaming consoles and 5G phones as it joined the group of companies that have been redefined and boosted by the pandemic.

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The distributor of electronics, phones and gaming technology said its first quarter profits were up 90 per cent compared with the same time last year and online sales were increasing month-on-month.

Operating costs have also fallen by 25 per cent.

The company said its unaudited profit for the three months was $551,000 which was driven by its pivot to the high growth areas of gaming and audio. It also pointed out that the quarter did not include the launch of the new Apple iPhone, which had been delayed until the second quarter and was now “eagerly” anticipated.

Chief executive Dave Clark said the result was pleasing.

“In the face of the strong COVID-19 headwinds and the delayed Apple iPhone launch our team was able to deliver a strong quarterly profit increase of 90 per cent,” he said.

“Not only this, but we were able to sign several new world-class brands.

“As we move into the supercycle of gaming consoles and 5G phone this has been a very encouraging start to the year.”

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