Spirit Technology doubles half-year revenue from growth in SMB, essential services and corporate

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Spirit Technology doubles half-year revenue from growth in SMB, essential services and corporate
Sol Lukatsky (Spirit)

Spirit Technology Solutions has recorded a bumper first half of FY2021 as the company takes more market share in new sectors following its acquisition spree last year.

The ASX-listed company reported revenue of $42.7 million for the first half of FY2021, up 243 percent year over year. The second quarter had $27.1 million, up 338 percent year over year and up 73 percent from Q1 2021.

Spirit managing director Sol Lukatsky said the growth was due to increased business from the SMB, essential services and corporate sectors.

“We have had an exceptional first half for FY2021. Our record growth has continued as businesses seek to modernise their IT and telco systems,” he said.

“We’re now building scale and taking significant market share… Spirit’s comprehensive product range spanning cloud, voice, data and cybersecurity is now being integrated into one offering and is in high demand. We are growing the market and seeing a structural change with business customers who prefer a bundled IT&T offering rather than having multiple disjointed providers.”

Lukatsky added that the integration of the acquired businesses from 2020 into a bundled offering is “proceeding at speed” and ahead of schedule. He also said Spirit continues to assess potential acquisitions in the IT and telco segments.

“We are still expecting additional upside as the operating model matures in the market in H2 21. The results are also pleasing as we are both growing and investing simultaneously. Spirit is deploying capital to automate our operational model, with significant resources allocated to Finance Systems, Spirit X, increasing channel sales partners and the Spirit brand nationally.”

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