Chris McLaughlin (Cirrus)
Cirrus Australia has posted a 773 per cent uplift in pre-tax profit in its unaudited results for the 2023 financial year.
The Perth-based managed services provider posted a profit before income tax of $3 million, a significant rise from its loss of $454,777 in 2022.
According to its unaudited results for the year ended 30 June 2023, Cirrus Networks posted consolidated revenue of $112 million, up 8 per cent on FY22.
Of this, its total services revenue, which includes professional and managed services, was $34 million.
The profit uplift follows a lengthy period of rolling out “operational efficiencies” and reduction in overhead costs, which it claims fell by 5 per cent in FY23, year-on-year.
Cirrus said this represented the fourth consecutive year of overhead cost reduction as the publicly listed company aims to simplify its structure to execute on strategic services focus as a pathway to growth.
“It is very pleasing to report these record results and the continued strong momentum in the business,” said Chris McLaughlin, Cirrus managing director of the latest results.
“This marks the third consecutive strong half earnings result, with growing revenue and margins being achieved with a relatively lower cost base. I want to recognise and thank the wonderful Cirrus staff across all our locations who have continued the drive to improve and innovate in delivering great client outcomes and enhanced business value.”
Last year, Cirrus’ results were hampered by “a distracting and costly failed low-ball hostile takeover attempt” by Webcentral in August 2021.
However, at the time, the company said it expected its renewed services-led strategy and structural changes would deliver strong business outcomes into FY23.
Looking ahead, Cirrus said it is well placed to deliver a record result for FY24 with growth and profitability will be underpinned by the commencement of the $15-million Icon Water contract, strong product backlog, its opportunity pipeline and continued focus on overhead cost controls.
