• Gross revenue growth of 2.9% YOY
• Recurring gross software sales grew 7.5% to $895.2m
• Gross profit margin remained flat at 9.6%

Dicker Data Ltd's FY24 results showed a 2.9% year-over-year growth in gross revenue, reaching $3.373.1 billion. Recurring gross software sales grew 7.5% to $895.2 million, representing 27% of total gross revenue. Gross profit margin remained flat at 9.6%. Operating costs, excluding one-off costs, increased by 6.0%, also increasing as a proportion of revenue to 5.4%, up from 5.3%. Net profit margin was finalized at 3.4%. In Australia, gross sales grew by 3.0%, but gross profit margins decreased to 9.9% from 10.1% in FY23 due to increased competitiveness for available enterprise business and a reduction in small and mid-market transactional spending. In New Zealand, gross sales increased by 1.9%, and gross margins significantly improved to 8.5% from 7.6% in the prior year, with EBITDA increasing by 13.0% to $16.5 million. The company's balance sheet showed a total investment in net working capital of $397.4 million, up by $12.9 million from the previous year. The increase in working capital was attributed to an increase in both debtor and inventory days, moderated by increases in payables days. The company's dividend policy remains at 100%, with an aggregate fully-franked FY24 dividend of 44.0 cps, a small decrease of 2.2% from the FY23 year.

Dicker Data Ltd expects to maintain its 100% dividend policy and continue paying interim dividends in quarterly instalments in FY25.

Dicker Data Ltd is well-positioned to continue growing its share of the Australian and New Zealand markets through its mix of value-added services and diversification into adjacent markets. The company remains ahead of its competition in its ability to execute against its highly diversified strategy, while also leveraging synergies between the various ecosystems.