Matt Sullivan (Cirrus Networks)
Cirrus Networks is expecting to post $95 million in revenue for the end of financial year 2020, citing its managed services business as a strong factor.
The number represents an 8 per cent uplift from the previous year and follows on from its half year posting of $45 million despite what it calls “challenging economic conditions”.
In its unaudited results, the publicly listed company gained a 20 per cent increase in MSP revenue as well as a 22 per cent rise in its gross margin.
Its professional services revenue was up 11 per cent year-on-year at $17.3 million, a lower than expected result for Cirrus, with the company citing the labour market created by COVID-19.
However its product revenue defied expectations of a flat 2020 and instead saw a 5 per cent improvement for the year ended 30 June.
Despite the ongoing pandemic, Cirrus claimed it was optimistic about the new financial year, claiming it had a “solid backlog of orders” and a “positive pipeline of opportunities”.
“As an Australian listed technology SME, Cirrus is proud to deliver a record earnings result to shareholders in these very uncertain times which is a testament to the resilience of the business,” CEO Matt Sullivan said.
“Much credit and thanks go to our wonderful staff across the country who despite significant disruption and uncertainty have remained focused on delivering quality outcomes to our loyal client base in government and corporate sectors while ensuring the health and safety of themselves, their families and our client.”
The preliminary results do not reveal Cirrus’ profit or loss for the year, having bounced back from its previous half year loss with a net profit after tax (NPAT) of $135,000 for the period ended 31 December.
Last year, the Perth-based company won a three-year deal to join an Asia Pacific panel for mining giant Rio Tinto,
Going into the new year, Cirrus Networks has six contracts worth a combined $10 million across Federal Government departments and agencies to carry out.
