Cirrus Networks founder to step down as executive director
- 19 May, 2017 10:14
Cirrus Networks’ (ASX:CNW) founder and executive director, Frank Richmond, is set to step down from his role at the end of June.
Richmond will assume a non-executive director role at the end of the current financial year, a move that will see him removed from the day-to-day running of the company, and relocate back to the United Kingdom.
Richmond founded the Western Australia-based IT solutions provider in 2012, helping to drive growth within the company in his capacity as managing director and, more recently, executive director.
“Cirrus has achieved much thanks to Frank’s vision, entrepreneurial skill, hard work and dedication to the organisation, the staff and the customers,” current managing director, Matt Sullivan, said. “He leaves a wonderful legacy, and the organisation [is] in great shape to build on the next phase of growth.
“We are delighted to retain his expertise and leadership in the non-executive director role,” he said.
The company, which listed publicly on the Australian Securities Exchange (ASX) in July 2015, reported a doubling of revenue for the year to date, compared to the year prior, in its latest market update, announced on 19 May.
Cirrus Networks told shareholders that it expects the trend to continue for the remainder of the financial year, forecasting full year revenue to be in excess of $40 million.
According to the company, much of its revenue growth has come from $4 million worth of deals from Western Australian public utilities, along with other key wins with state and local governments.
While Cirrus Networks’ Western Australian operation continues to drive the business overall, the company’s strategy of building a growing presence on Australia’s east coast is resulting in new opportunities and reducing the company’s historical reliance on the market in its home state.
Meanwhile, Cirrus Networks continues to invest in its Canberra business, which it expects to be well-placed to access new opportunities in the wake of the Federal Government’s move to hand IT procurement management to the Digital Transformation Agency (DTA), and make use of local suppliers.
At the same time, the acquisition of Melbourne-based IT solutions provider, NGage Technology Group, earlier this year has delivered immediate returns, the company told shareholders.
Since completion of the acquisition, NGage has booked in excess of $4 million in new orders, including “significant” orders with a major unnamed Australian financial institution, and with a national public utility.
The company announced in late March that it had struck a $2.5 million deal to acquire the Victorian IT solutions provider.
The move was expected to address a number of the publicly-listed Perth-based IT solutions integrator’s strategic focus areas of targeted geographical expansion, market share growth and annuity growth.
“NGage has a brand, culture and blue chip client base complementary to our own and we are excited at the opportunities this presents for clients, staff and shareholders,” Sullivan, said, at the time.
Since the acquisition, NGage has continued to grow its existing professional services contracts with the placement of new resources and the extension of existing resources in excess of $1 million with bluechip clients.