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Cellnet's pandemic era continues to be a wealthy one

Business

Brisbane-based tech distributor Cellnet is booming, with its share price jumping 27 per cent this morning after it announced its monthly pre-tax profit was up 174 per cent to $1.19 million.

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Its shares eased back during the morning and were up 16 per cent at midday.

The company has posted some impressive monthly results as tech product sales have surged during the COVID-19 pandemic.

Cellnet Group does the distribution, warehousing and logistics for of the world’s leading vendors and has centres in Australia, New Zealand and China.

November revenue was $14.7 million, up 27 per cent on last year.

Its year to date net profit before tax is $2.79 million, an increase of $2 million on last year.

It said there was continued momentum in the market for iPhone12 and console gaming accessories.

Chief executive Dave Clark said Cellnet was positive about the current financial year and the business was performing well across all categories and strong demand continued in the lead-up to Christmas.

 

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