October 18, 2018

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CMS Distribution sales exceed US$600m in 2017

by Stuart Wilson, Thursday 10 May 2018

Frank Salmon, founder and CEO of Storit
Frank Salmon, founder and CEO of Storit

Storit Limited, the holding company of CMS Distribution, boosted sales 38% in calendar 2017 to hit US$606.5m with pre-tax profits up 40% year-on-year at US$23.5m – a pre-tax profit margin of 3.9%. Frank Salmon, founder and CEO of Storit, said: “In February 2017, we were delighted to welcome TNS Connect into the Group. The TNS team are experts in emerging consumer technologies with an impressive portfolio of vendors and customers stretching worldwide. This acquisition has allowed CMS to expand into the Asia Pacific region as we continue our global growth trajectory.”

“The TNS business was integrated into CMS in June as part of our ongoing strategy of bringing companies together to leverage strengths and synergies. We are very excited about the potential this acquisition brings and its impact on the group financials,” he added.

Further investments in 2017 included the opening of new offices in Paris, Madrid and Amsterdam, and a relocation to a new office in Stockholm. There has been significant expansion of CMS’s centre of excellence in Kiltimagh, Ireland, to support all sites globally with services.

Salmon added: “We are delighted with both our record financial performance and our many investments in 2017, which we are confident will drive sustained value as we continue to roll out our successful model across new geographies. I am very excited about the future and the year ahead. 2018 marks another significant milestone in CMS’s history as we celebrate our 30th anniversary with more exciting projects and investments set to roll-out throughout the year.”

Storit Limited was established in 2001 and is the holding company of CMS Distribution. The company employs 350 people across 12 locations in the UK, Ireland, Netherlands, Sweden, Spain, France, Australia and China.

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