Terry O’Brien, CEO
Digital Wholesale Solutions (DWS) has posted its first annual results as an independent entity, delivering double digit organic growth and significant investment in its market-leading technology.
The results, for the year to 31 March 2022, are the first since DWS demerged from the Daisy Group in March 2021, supported by a strategic partnership with private equity firm Inflexion.
Revenues grew organically by 14% on a pro forma basis to £320.1, with double digit revenue growth delivered across all key product lines – mobile, connectivity and cloud. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) grew in line with income, to £63.3m, with a margin of 20% achieved.
Significant capital investment of £17.2m in the period included major developments in DWS’ leading technology platform and new product developments in mobile data applications, fibre and IP connectivity, cyber security and cloud services.
DWS is the UK’s leading independent digital IT, communications and cloud services provider to the Channel, working with over 5,500 partners.
The DWS results underline the strength of the UK Channel and the growing preference for small and medium-sized businesses (SMBs) to acquire and manage their technology through trusted local resellers.
The DWS leadership team also report a strong start to the current financial year. Revenues of £175m in the six months to 20 September 2022 show organic growth further strengthening to 14% on a pro forma basis.
Terry O’Brien, CEO of DWS, said: “I’m delighted to announce our first set of results as an independent company. Our growth demonstrates the strength and resilience of the UK Channel community, who continue to win market share by demonstrating that they are the best place for SMBs to place their trust and make technology work.”
Andy Boland, DWS Chief Financial Officer, commented: “The results demonstrate the ongoing payback on our long-term investment in our technology platform, which makes us simple to do business with and provides a compelling proposition for the world’s best telecommunications and technology brands to access the UK SMB market.”
Mr O’Brien added: “We have made a strong start to this year, with organic growth accelerating further. This underlines how SMBs continue to view the importance of technology investment despite economic headwinds. I’d like to thank our partners and my team for working every day to enable UK SMBs to benefit from technology innovation.”