Cirrus Networks sees revenue jump 41 per cent

Cirrus Networks sees revenue jump 41 per cent

Reports first full year contribution from the NGage business

Matt Sullivan (Cirrus Networks)

Matt Sullivan (Cirrus Networks)

Credit: Cirrus Networks

Cirrus Networks has posted total revenue of $76.1 million for the year ended 30 June, which included the first full year contribution from NGage.

The result represents a 41 per cent increase in the technology provider's revenue compared to $53.9 million in 2017.

Specifically, the Victoria-based business saw a 569 per cent increase in revenue from $896,000 to $5.1 million, accounting for the first full year contribution from the NGage business, which was acquired in March 2017 for $2.5 million.

In Western Australia, the publicly-listed company also saw combined professional services and managed services revenue grow organically from $6.9 million in 2017 to $9.7 million.

Meanwhile, the ACT grew combined services revenue from $283,000 to $3.8 million off the back of the acquisition of Correct Communications in November 2017.

New customers on the managed services business generated $5.1 million in revenue for the year - the professional services business also experienced significant growth from $5.6 million to $13.4 million.

On the product side, Cirrus saw 22 per cent increase from $37 million in 2017 to $45.2 million in 2018, while licensing and maintenance saw a 41 per cent growth to $12.3 million.

Statutory net profit after tax (NPAT) was $2.8 million before one-off and non-cash expenses including costs associated with the Correct Communications acquisition such as ongoing establishment and operation, redundancy and restructure and acquisition costs among other things, which brought a underlying NPAT of $813,000.

"FY18 was another positive step forward in the five-year plan to continue our rapid growth whilst improving revenue mix and margins," said Matt Sullivan, managing director of Cirrus.

"On these metrics it is particularly pleasing to deliver professional and managed services revenue increases of 139 per cent and 106 per cent respectively year on year while blended margins also increased.

"To continue our growth while delivering a profitable underlying financial performance is again a testament to the quality of our people and the transformational solutions being provided by the company to our loyal customers.

"We expect our services revenue growth will continue through FY19."

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