Arrow ECS NZ reports mild profit increase in FY19

Arrow ECS New Zealand has reported revenue of NZ$ $3.3 million after deducting the cost of goods sold in FY19, a slight drop from $3.5 million in FY18.

The company also reported 2.1 million profit in the 12 months to 31 December 2019 (FY19), a mild increase from a $1.8 million profit from the year prior .After income tax expenses, FY19 profit reached $1.8 million, compared to $1.2 million in the year prior.

Arrow Electronics New Zealand is a wholly-owned subsidiary of Arrow ECS Australia, which in turn is owned by Arrow Electronics, Inc.

"The principal activities of the company during the financial year were the distribution of computerised security, storage, and unified telecommunications systems," the official financial statements note.

In the last 12 months, Arrow ANZ has secured multiple distribution deals and managed a change in leadership.

At the end of June 2019, ANZ enterprise computing software solutions managing director Nick Verykios stepped down from his role.

In his place, the company appointed Andrew Assad as ANZ general manager; Lisa Stockwell as vendor alliance director; and a role expansion for finance director Andrew Vaughan.

Most recently, Arrow announced an ANZ distribution deal with SecureAuth, which enables Arrow to provide an advanced solution for public and private sectors delivering secure access to systems, applications, and data.

In May, Andrew Assad made statements supporting enterprise computing solutions channel partners.

"Our engineering teams are enabled to support you and your customer requirements remotely, including assessments, upgrades, testing and consultation," the statement said.

"In the area of financing, Arrow Capital Finance offers a range of solutions including leasing, rental, software payment plans, extended payment terms, deferring payments, spreading payments and more. And our vendor and marketing teams are armed with digital marketing solutions and expertise in live and virtual events that can help you shift your go-to-market strategy in this new environment.

Additionally, the FY19 financial report acknowledges that the FY statement was prepared based on conditions existing as of 31 December 2019. As the COVID-19 outbreak occurred after that date, no adjustments have been made to the current financial report.

"It is not possible to estimate the impact of the outbreak's near-term and longer effects or Governments' varying efforts to combat the outbreak and support businesses. This being the case, we do not consider it practicable to provide a quantitative or qualitative estimate of the potential impact of this outbreak on the company at this time.

*Figures have been rounded.