Cirrus Networks rakes in record earnings

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Cirrus Networks rakes in record earnings

Managed services provider Cirrus Networks has reported a bumper 2020 financial year thanks to major wins from government and corporate clients.

The company saw its earnings before interest, taxes, depreciation, and amortization (EBITDA) pre-options reach a record-high $3.6 million, up from $1.9 million the previous year.

Revenue also grew 8 percent to $95 million from $88 million in FY19, thanks to a 20 percent bump in managed services revenue and an 11 percent increase in professional services revenue.

Cirrus managing director Matt Sullivan said the company is proud to deliver a record earnings result to shareholders “in these very uncertain times”, saying it was a testament to the resilience of the business.

“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 clients,” Sullivan said.

“While we continue to operate in a very unpredictable environment, the ongoing success in growing services revenue and margin positions means the company is well placed to continue to deliver on earnings growth expectations going forward.”

The company said the growth was also due to its ongoing strategic plan to focus on growth through higher margin services and a diversified geographic base.

Looking ahead to FY21, Cirrus said it remains optimistic for the first half with “a solid backlog of orders” and a positive pipeline of opportunities, despite the unprecedented economic and health impacts of Covid‐19.

Earlier this month, the company announced some customer wins for product and professional services from both Federal Government and resources sector clients, valued at more than $10 million.

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