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 for the six months 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.”
{loadposition peter}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.