Bulletproof posts $5.4M loss as consolidation continues

Bulletproof posts $5.4M loss as consolidation continues

Makes staff cuts and other cost cutting measures as company looks for a fast turnaround

Anthony Woodward - Co-founder and CEO, Bulletproof

Anthony Woodward - Co-founder and CEO, Bulletproof

Cloud services provider, Bulletproof (ASX:BPF), has reported a loss of $5.4 million for the first half of the financial year as the company continues its period of consolidation.

The Sydney-based company said, in a statement on the ASX, that it has been in a period of consolidating assets and skill sets as it looks to move beyond hosting and services and into consulting and software development.

It reported a revenue of $24.5 million for the period, amounting to a 13 per cent increase on the same period last year.

Bulletproof attributed the loss to various factors, including $809,000 in restructuring costs.

"Despite some headwinds in the first half of FY17, as a carryover from the second half of FY16, management have worked hard to transform the company's bottom line performance through consolidation, right-sizing, and cost reductions in the order of $4.5 million per annum," Bulletproof CEO, Anthony Woodward said.

"Our new service and product offerings are expected to see a return to sustainable revenue growth performance, with the company even better positioned to take advantage of market demand for our services going forward."

These new offerings include a Microsoft Azure practice and DevOps-oriented consulting and recurring revenue products.

"We very much have focused on being an end-to-end partner, rather than on just one part of the journey,” Woodward told ARN at the launch of its Azure offering.

“From that perspective, we already have the width, and now we’re starting to build the depth of the different cloud options needed for the journey.”

The company said the half-year results were also impacted by customer-side project reductions and delays. At the same time, the company also cut 30 employees from its staff as part of its consolidation efforts.

Bulletproof also reported a number of customer wins including: the Victorian Department of Environment, Land, Water and Planning; UBank; and LJ Hooker for the first half of the financial year.

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