Auckland e-commerce company the Advantage Group has doubled its profits and tripled sales.
In the year to June 30, Advantage says normalised profits were $6.4m on turnover of $63.9m, compared with profits of $3.4m from revenue of $21.2m for the same period last year.
The growth comes amid the company's first full year of trading as an e-commerce company.
Each operating unit increased profits says chief executive Greg Cross. Web services accounted for 26% of revenues, payment solutions for 20%, retail solutions for 32% and portable technologies for 22%.
In the past 12 months the company has bought six businesses including Glazier Systems, WebMasters, Aldridge Punter and Campbell Pope.
The business was reorganised and staffing increased to over 400 full-timers in 15 international locations. The company invested $1.8 million in growth-related training and development; and made a major push into Web services, with staff increasing from three to 300.
Rather than supply the "bricks and shovels for the Internet economy", Cross sees Advantage as providing the "ports and railway terminals."
Advanatage, he says, is growing fast, with strong and diversified earnings in the fastest growing sectors of the market. He says it is the number one provider in the markets it serves.
"Our aim is to consolidate that lead, and our core strategies for achieving this are to realign every operating unit within the company as an e-service business.
"We are converting hardware based businesses into service provision businesses based on our ability to deliver end-to-end e-commerce services."