Strong FY22 positions Atturra to achieve investment goals

Strong FY22 positions Atturra to achieve investment goals

Revenue, profit and earnings rise up

Stephen Kowal (Atturra)

Stephen Kowal (Atturra)

Credit: Atturra

ASX-listed managed services outfit, Atturra has seen its revenue grow 37 per cent to $134.6 million, while profit after tax rose to $8.08 million for the financial year ending 30 June. 

Earning before tax (EBIT) was up 29 per cent to $12.4 million compared to FY21, even after taking into account Employee Share Offer and IPO costs. 

 Atturra commenced trading on the ASX on 22 December last year. 

“I am pleased to announce a solid result exceeding our forecast at the time of IPO,” Atturra CEO Stephen Kowal said. “Our results clearly demonstrate the inherent strength and relevance of our strategy of ensuring we have leadership positions in key technologies and industries. 

“Our team continues to grow, now consisting of over 700 staff members. This strong FY22 positions Atturra well to continue to invest in its strategy and bring on additional market leading capabilities.”

Atturra completed three acquisitions during FY22 including Mentum Systems, Kettering Professional Services and Hayes Information Systems.

Combined, the companies contributed $7.5 million to Atturra’s full-year revenue result, with the remainder of the $36.3m revenue uplift for the period attributed to prior-year acquisitions ($11.4m) and organic growth ($17.4m).

Atturra signed new (technology) partnerships during the year with Vaultspeed, Snowflake, Okta, Apigee (part of Google Cloud), Focus HQ and Infor, for which Atturra is now the leading Pathway Services Provider in Australia. 

Atturra is now the sole consulting partner in Australia for Semestry, QAD and Berger Levrault.

The Company won more than 90 new clients across multiple industries including local government and education in FY22 and expanded its Defence industry footprint to span nine of 16 services and groups designated by the Department of Defence.

Last month, Atturra was engaged in bidding battle with Brennan IT for publicly listed MOQ Limited, where Atturra eventually pulled out of negotiations after Brennan's offer jumping from $0.070 cents to $0.075 cents per share, valuing the deal at $23.3 million.

On 16 August, Atturra stated it won’t be exercising its matching right under the Scheme Implementation Deed (SID) placed on 30 June and amended on 11 August in response to the hiked up price Brennan offered. 

The bidding war started to take shape when Atturra put in a bid to fully acquire MOQ for $15 million on 30 June in a move that could create "one of Australia’s largest IT services businesses".

Atturra made a revised offer on 5 August, increasing it by 20 per cent to $0.06, pushing the deal price to $18.6 million.

Brennan IT stepped up its bidding game offering $0.066 cash per share, valuing the business at about $20.5 million on 8 August.

Atturra fired back stepping its bid up to $0.070 per share, approximately $21.7 million.

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