Empired sees revenue and profit fall in the first half FY20

Empired sees revenue and profit fall in the first half FY20

Net profit decreases 10 per cent to $2M

Russell Baskerville (Empired)

Russell Baskerville (Empired)

Credit: Empired

WA-based IT service provider, Empired has seen revenue and net profit decrease for the first half of the financial year, ending December 31. 

Revenue for the first half was at $84 million, a five per cent decrease on the previous corresponding period while consolidated net profit fell 10 per cent to $2 million. 

In November, Empired managing director Russell Baskerville revealed it had secured a number of new managed services contracts, worth about $5 million per annum, and remained highly focused on a number of material contracts in the coming months, while also growing its East Coast presence with key appointments

The publicly listed provider reassured shareholders the amount would plug the revenue hole left by the loss of its IT infrastructure contract with Main Roads WA.

According to Empired, in addition to the base services revenue, the new contracts are anticipated to generate “significant” project services revenue each year. 

The deal also shaves off a portion of the $200-million contract pipeline Empired recently claimed to have following the loss of the Main Roads deal.

During the first half of FY20, Empired secured a five year IT supply contract with Rio Tinto, currently its largest client.

The Perth-headquartered company also underwent a “comprehensive review” to cut its overheads and capital investment in a bid to reduce its $14 million debt.

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