Home Listed Tech Cirrus Networks lifts revenue, profits

Cirrus Networks lifts revenue, profits

IT solutions provider Cirrus Networks significantly lifted revenue to $18.7 million for the first half of the 2017 financial year to deliver a net profit of $724,000.

Cirrus (ASX: CNW)  managing director, Matt Sullivan, says the increase in revenue (up 185% on H1 2016) was primarily driven by the acquisition of L7, and organic sales growth through continued focus on client outcomes.

“This is a very pleasing result, with our cash-positive first half delivering strong growth in revenue and profitability. This is testament to the quality of our people, our leading service offering and our ongoing strategy of investing in future growth.

“With an energised executive team and continued focus on our strategic objectives, Cirrus is well placed to continue to capitalise on opportunities to drive shareholder value.”

Cirus’ results for the half included expenses related to the ongoing development of the the company’s managed services division and related cloud infrastructure, and a one-off R&D tax offset refund of $1,189k.

During the half, the consolidated entity also incurred a number of one-off and non-cash expenses including:

• Costs associated with establishing a new Canberra office of $513,000; and

• Non-cash expensing of share based options of $96,000.

The company’s underlying net profit of $190,000 compared with a $952,000 loss at the end of December 2015.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).