After a year that saw distributor Avnet embark on an aggressive acquisition drive, the firm has announced the first fruits of its move positing revenue growth of 22.2 per cent for its second quarter.The group's turnover up until December 29th hit £4.75 billion (£2.44 billion) thanks to revenue generated by seven of its acquisitions – the latest of which was the IT solutions division of Acal.
Avnet's Technology Solutions group drove much of the firms growth thanks to an rise in sales of 46 per cent to $2.27 billion. Sales at its Electronics Marketing division also grew, recording a rise of 6.2 per cent to $2.48 billion.
Speaking about the results, Avnet's chief executive, Roy Vallee said: "Our results continue to demonstrate the positive impact that our value-based management strategy, augmented by value-creating acquisitions, is having on our business.
"While sequential sales growth reflected normal seasonal trends, our year-over-year growth of 22 per cent was bolstered by seven value-creating acquisitions that span both operating groups and all three regions.
"In addition to the top line growth, we increased year-over-year operating income 27 per cent and, excluding the gain on the sale of assets, increased earnings per share 33 per cent while driving return on capital employed to a record 12.8 per cent."
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