Full Year 2023 Datatec Ltd Earnings Call Transcript
Good morning, and welcome to our full year FY '23 reporting. Just for noting, at the top left of the screen, there is a tab. Please use this to submit any questions as we go.
The agenda is similar to the past. I will begin with a summary and then hand over to Ivan to go through the detailed financial results before covering the divisional presentations and closing comments.
In summary, overall, we had a solid year. The very strong performance in Westcon more than made up for the consistent but lower-than-expected growth in Logicalis, especially from Latin America. The 13% increase in ongoing revenues to $5.14 billion did not translate to similar growth in gross profit. The surge in the U.S. dollar last year significantly impacted cost of sales in Westcon, (inaudible) were at record highs.
Our hedging mitigation meant that a lot of the reduction in gross margin was made back in ForEx hedging profits. Consequently, the growth in adjusted EBITDA was the same as revenues at 13%.
Our full year
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