Join our daily newsletter At The Bell to receive exclusive market insights
- Cellnet Group’s (CLT) share price has enjoyed a considerable spike after the company released its unaudited results for October
- The wholesale distributor of mobile phones recorded an 18 per cent increase in revenue year-on-year, with unaudited revenue totalling $12.6 million
- During the month, the company also made a net profit before tax of $1.05 million, a $1.02 million increase from this time last year
- Cellnet has credited the success to the launch of Apple’s iPhone 12, which drove increased accessory sales
- Shares in CLT are currently trading up 130 per cent for 9.9 cents each
Cellnet Group’s (CLT) share price has enjoyed a considerable spike after the company released its unaudited results for October.
The wholesale distributor of mobile phones and accessories share price more than doubled during early trade this morning.
The jump is likely due to CLT tabling an 18 per cent increase in revenue year-on-year in October, with unaudited revenue now totaling $12.6 million.
The company also made an unaudited net profit before tax of $1.05 million during the month, a $1.02 million increase from the same time last year.
Additionally, the distributor’s year to date unaudited net profit before tax was $1.6 million at the end of October, up 410 per cent on the same period in 2019.
Cellnet has credited the successful result in October to the launch of Apple’s iPhone 12, which resulted in an increase in accessory sales.
“Our October result is a real testament to the dedication and hard work that the team has put in to make this iPhone launch our most successful yet,” Cellnet’s Chief Executive Dave Clark said.
“Our revenue and profit for October surpassed all expectations, delivering one of the best monthly results Cellnet has ever produced,” Dave added.
Shares in the telecommunication stock are still trading on a high, currently worth 9.9 cents each, up 130 per cent at 12:05 pm AEDT.
