One of the UK’s largest IT VARs has seen its top line dip below £100m for the first time in seven years after enduring a mixed calendar 2024 period.
Watford-based Storm Technologies saw revenues fall 14% to £92.6m in its year to 31 December 2024 – the first time it has failed to break the nine-figure barrier since 2017.
The wider Storm Technologies Group of which it is part saw revenues inch up 4% to £115.3m thanks to the contribution of newly acquired sister company Storm Procurement, however.
“Tough UK IT market”
Looking only at Storm Technologies Ltd, the IT infrastructure specialist witnessed a year of improving fortunes after facing a “tough UK IT market in early 2024”.
Storm has seen several of its IT VAR rivals – including CAE Technologies, CCS Media, Servium and Total Computers – sell up since the start of 2024.
After enduring a 21.5% drop in first-half 2024 revenues, the business was forced to focus on core markets and restructuring operations, according to its annual business review.
Second-half revenue rose 2.6% after Storm returned to growth in the final quarter, however.
It chalked this up to demand driven by hardware refresh cycles, Windows 11 migration and digital technologies like AI and cloud computing opening new growth opportunities.
Pre-tax profits fell slightly, from £749,000 to £583,000.
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According to Companies House filings, the HP, HPE, Dell, Lenovo, Cisco, Microsoft, Citrix and VMware partner appointed two new directors in February 2025 in the form of Lucy Drinkwater and Matthew Johnson.
“Storm Technologies’ primary business objective for the next few years is to further consolidate its position as one of the top independent IT Value-Added Resellers in the UK,” Storm stated.
Storm Technologies Group acquired a controlling stake in Storm Procurement in June 2024.
Characterising itself as a specialist procurement service provider to the energy, engineering, mining and construction industries, Storm Procurement saw 2024 revenues rise 4% to £30.6m.
