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AFP deal bolsters Citadel Group's $100 million revenue rally

AFP deal bolsters Citadel Group's $100 million revenue rally

Latest reveals annual earnings

The Citadel Group CEO, Darren Stanley

The Citadel Group CEO, Darren Stanley

Credit: Citadel Group

The Citadel Group (ASX:CGL) has posted $98.8 million in total revenue for the 2017 financial year ended 30 June.

The result represents 27.8 percent growth compared to the previous year when the company’s revenue was $77.3 million.

The growth is partially due to a $24.8 million contract with the Australian Federal Police awarded in December. The Canberra-based managed services provider is part of the Provision of ICT Services Panel Arrangement, along with 131 suppliers. The contract runs until December 2018.

The company’s net profit after tax (NPAT) was $15.4 million, which represents 81.2 per cent growth compared to the previous year.

The earnings before interest, tax, depreciation and amortisation (EBITDA) was $30.1 million, or 47.5 per cent growth.

According to CEO Darren Stanley, what also contributed to the company’s revenue growth was the renewal of multi-year contracts.

Stanley said the company will invest in areas guided by its clients, including e-health and national security.

“We are in the right industries at the right time and the underlying performance of the business is strong. We will continue to deliver secure enterprise information management solutions for our clients and work collaboratively with them to find new and innovative ways of doing business together,” Stanley said.

“The pipeline of work for Citadel’s cloud-based information management solutions, integration services in Defence and federal government agencies and e-health initiatives will support continued strong underlying growth for Citadel in the years ahead. Furthermore, we will continue to pursue attractive M&A opportunities as they arise in support of our organic growth strategy.”

Citadel has completed the integration of HPE platinum partner Kapish, acquired in July 2016 for $17.5 million.

Citadel revealed the addition of new key customers during the past year including UnityWater, Melbourne City Council, Suncorp, Transport and Main Roads, Queensland Police, NSW Police and Sunshine Coast Council, and others.

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Tags servicesCitadelgovernment contractsHPEKapish

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