May 18, 2024

Selling business boosts Cancom's profits

Selling business boosts Cancom’s profits

At Cancom, the IT services provider, the sale of stores in the UK and Ireland drove net profit up. The result of the first nine months, according to the Munich company, today, Thursday, amounted to 260.9 million euros. A year ago, MDax Group had earned only about €41.5 million in balance. In July, Cancom announced the sale of parts for the company for about 400 million euros. Cancom made a written profit of 225 million euros from this.

Cancom’s management confirmed key data already known for the third quarter and expectations that were raised at the end of October. Because of the significantly limited availability of IT hardware products, Cancome still sits very far behind in orders, CEO Rudolf Hütter said. “We were in a very good negotiating position when it came to pricing for existing merchandise last quarter,” said the Business Stream Manager. In the months from July to September, sales rose 5.6 percent year-on-year to around 303 million euros, while EBITDA rose 30.4 percent to 32.3 million euros. (dpa)

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