Gross sales were €1.27bn, up 42 per cent year on year. This was largely attributable (88 per cent) to growth from existing vendors.
The cybersecurity specialist also benefited from expanding with its vendors into new global regions as well as new vendor relationships (7 per cent). The contribution of Networks Unlimited acquired in December 2021 also supported growth (5 per cent). Cloud-based sales broke through €1bn annualised run rate and now account for 25 per cent of the company’s total sales.
Exclusive Networks showed solid growth in EMEA, with Gross Sales reaching €857m, an increase of €260m or +44 per cent year over year. The EMEA Theatre benefitted from a strong momentum in all countries, the company said, and an accelerated trend in the Enterprise market fuelled by solid growth of its larger resellers (>€500k billings in one quarter) notably with some very large deals.
On the basis of the information currently available, the company said it is confident in its upgraded outlook for the full year of 2022, which was published in September. Gross Sales are expected to exceed €4.2bn. The net margin is expected to be between €392m and €400m, adjusted EBITA expected to be between €146m and €152m, and Operating Free Cash Flow Before Tax expected above 160 per cent of Adj. EBITDA.
“A year on from our successful IPO, I am delighted to report another very solid quarterly performance,” said Jesper Trolle, chief executive officer (pictured). “This is down to the hard work and commitment of our very talented teams around the globe who continue to leverage our unique position and influence within the cyber ecosystem to capitalise on strong cybersecurity market demand.”
Trolle described the global cyber skills and talent deficit as one of the biggest challenges in cybersecurity, with an estimated 3.5m unfulfilled roles.
“I am particularly proud of our response to this global crisis having recently launched the Exclusive Academy to recruit, retrain and retain cyber experts and stay on the cutting edge of technology,” he said in a statement announcing the results.
“With only 15 per cent of cybersecurity professionals in the world attaining their position through cybersecurity training, there is a clear need to increase this, which we plan to do through a combination of practical and theoretical training as part of a long-term programme.
“This follows our expanded partnership with ThriveDX, a global leader in cybersecurity education, to deliver end-to-end cybersecurity training and talent solutions to our global network of more than 25,000 partners.”