Spirit Technology Solutions has bounced back from its previous half-year loss to post a profit of $508,000, a rise of 169 per cent year-on-year.
The company formerly known as Spirit Telecom posted a net-loss-after-tax of $740,000 for half year 2020, but has bounced back after making revenue of $44 million for the period ended 31 December 2020 — up slightly from its unaudited results, which were released in January.
The revenue marks a steep rise of 253 per cent year-on-year, while EBITDA for half year 2021 hit $4.4 million.
According to a preliminary update to shareholders, the publicly listed company signed 80 new reseller partners, having made a concerted effort to boost its channel footing since 2018.
Spirit also closed the half-year by entering the corporate and government market segment through the proposed acquisition of managed cyber security service provider Intalock for $15 million.
“We’ve been able to adeptly respond to the changing needs of the business, as their IT&T needs become increasingly complex by delivering a comprehensive bundled offering across cloud, voice, data, managed services and cyber security with a strong customer focus,” said Spirit CEO Sol Lukatsky.
“We have further growth in our sights as we launch new products, continue to expand our reseller network and realise the benefits of the investments made over the past year and during 2021.”
Launched in 2005 in Melbourne, Spirit has spent the last two years transforming itself from a telecommunications provider to a full service IT reseller.
This has involved an aggressive acquisition drive, which saw it buy two Melbourne managed services providers, Trident Business Group and Neptune Managed Services, last February and NSW managed IT services business Cloud Business Technology (Cloud BT) a year ago.
It now hopes to more than 300 partners as part of its wholesale dealer network by the end of the last financial year.