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Cellnet boasts iPhone-led boost to profits, readies for ramp up

Business

Cellnet’s revenue for October jumped 18 per cent as it took advantage of the new iPhone release.

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The Brisbane-based tech and electronics wholesaler said October revenue was $12.6 million and net profit $1.05 million, an increase of $1.02 million on the same time as last year.

“The outstanding trading performance was predominantly driven by increased sales of iPhone accessories, following Apple’s announcement of four new flagship iPhone 12 models, all featuring 5G capability,” the company told investors.

Cellnet said gaming also performed strongly and delivered positive earnings in October. Recent brand acquisitions and an ongoing focus on costs were significant contributors to the strong result in October.

Chie executive Dave Clark said it had been the most successful yet of the iPhone launches.

“Our revenue and profit for October surpassed all expectations, delivering one of the best monthly results Cellnet has ever produced.

“Cellnet is well placed as we move into the high velocity Christmas trading period.”

 

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