Two-time CRN Fast50 winner Anittel has seen revenue drop 10 percent to $50,947,000 for the 12 months ending 30 June 2013.
The company incurred a net loss after tax of $7,392,000 and an adjusted EBIDTA loss of $255,000.
Managing director Peter Kazacos said the drop in revenue was the result of weakened software and hardware sales.
"Margins on hardware and software are quite small," Kazacos told CRN. "More customers are moving to cloud-based requirements."
Hardware and software revenues fell 21 percent to $23.7 million as a result of "market conditions, Microsoft licensing status and the market transition towards cloud computing", according to Anittel.
The decline drove a $5 million goodwill impairment against Anittel's IT services business following a review conducted by its management.
Anittel is the only company to date to win the CRN Fast50 two years running. The company topped the list in 2010 with 310.3 percent growth, and once again in 2011 with 176.15 percent growth.
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Anittel said it would be focussing on "recurring revenue" from its existing cloud suite of products in FY14.
The company is currently developing a custom data centre in Northern Queensland, known as The Tropical Knowledge and Innovation Centre (TKIC), which will form part of James Cook University's $1 billion Discovery Rise development.
Anittel also anticipates its investment around the Tasmanian Government telephony project to generate increased income "in the next 12 or 24 months."