Unified solutions provider, Clarity OSS (ASX:CYO), has reported a revenue increase for continuing operations of 97 per cent in its 2012 financial year results ending June 30.
Revenue was $32.6 million, up from $16.6 million in 2011. The resulting positive EBIT before foreign exchange movements totalled to $1.3 million, up from its $11.8 million loss last year.
Clarity CEO, Jon Newbery, said the results are attributed to the successful execution of its focussed strategy to strengthen the company’s value proposition in the market.
“It is because of an increased proportion of revenues derived from licence sales through the development of a partner led go-to-market model; the timely delivery of projects driven by leveraging the significant investment in improving product and delivery capabilities; and the dedication of the team,” Newbery said.
The company said its net profit attributable to members of Clarity OSS for the year was $2.3 million, well up on the $12.4 million loss during the same period last year, after taking into account the profit from discontinued operations of $6.3 million ($2.7 million in 2011).
This includes the gain on disposal of ConverterTechnology and IMX Software, worth $6.6 million. Clarity OSS also mentioned it reduced its indebtedness to CPS Group Investments (CPS) during the year by a net $5.2 million, including the proceeds from the sale of ConverterTechnology and IMX Software.
As of the end of FY’12, the loan outstanding to CPS was $20.6 million.
“With orders of almost $80 million achieved during the year, the business has significant revenue coverage for the next financial year and to grow our market reach. We believe that Clarity will show continuing growth in the next financial year, along with improving operational profitability,” Newbery said.