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The group’s gross profit in the first quarter of this year reached EUR 15.069 million.

The company’s management explained that increase of turnover is explained by organic growth and by consolidating the results of Swedish company Gandalf Distribution into the Elko Group, starting from July 2017.

"The Company’s performance is and will be influenced by macroeconomic, competitive and political factors and the development of markets where the Company has cooperation partners. The key factors driving the Company’s growth were significant expansion of the product portfolio, and the addition of new distribution areas to existing distribution agreements during the year. Consequently, Elko managed to grow faster than the market as a whole. The stabilization of CIS market conditions and the trend towards slow growth, recent expansions, as well as Company’s management strategic and operational efforts allow the Company to estimate that it will continue to grow in coming year. In the light of given market risks, management has assigned priority to the continuous management of working capital," the management reported.

In the first quarter of 2017, Elko Grupa generated EUR 232.971 million in sales and earned EUR 1.484 million in profit.

The Elko Group is one of the region's largest distributors of IT products and solutions, representing 210 IT manufacturers, and providing a wide range of products and services to more than 7,700 retailers, local computer manufacturers, system integrators and enterprises within various sectors in 30 countries across Europe and Central Asia.

Elko Group belongs to several legal entities, including investment fund Amber Trust. The company’s bonds are listed on the Baltic Bond List of the Nasdaq Riga stock exchange.