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Cirrus sees revenue increase by 49 per cent in first half

Cirrus sees revenue increase by 49 per cent in first half

Cirrus Networks has announced its unaudited half year results with the publicly-listed company posting $47.5 million in revenue

Matt Sullivan (Cirrus Networks)

Matt Sullivan (Cirrus Networks)

Credit: Cirrus Networks

Cirrus Networks has announced its unaudited half year results with the publicly-listed company posting $47.5 million in revenue for the period ended 31 December.

According to the company it had a "record" first quarter with revenues of $19.5 million followed by $26.2 million in the second quarter of the 2019 financial year.

This represents a 49 per cent, or $15.1 million, improvement comparing to the previous corresponding period.

 “The business continues to perform strongly," managing director Matt Sullivan told shareholders on 24 January. "The results for H1 continue the business trend over recent years of growing the revenue base while improving margins and once again validate our focus on the higher margin professional and managed services which were key contributors to this growth. 

"With continued significant contract wins including Woodside and Federal Government agencies the business remains firmly focused on the 2020 strategic aspiration of sustained profit growth delivering increased shareholder value.”

Earlier in the year, Cirrus announced the win of a three-year contract to provide storage services for an unnamed Federal Government agency.

Under the contract, the managed services provider will design, implement and support the agency’s primary and secondary data storage as part of a $5 million-deal.

The company's overall services revenue increased 58 per cent to $12 million for the half and contributed 47 per cent of total gross margin delivered.

This represents a 126 per cent increase, according to the company, on the prior corresponding period services based margin.

Cirrus Networks closed the 2018 financial year with total revenue of $76.1 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.



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