Spirit’s half year revenue skyrockets to $42.7M

Spirit’s half year revenue skyrockets to $42.7M

243 per cent rise after big contract wins in health and education.

Sol Lukatsky (Spirit)

Sol Lukatsky (Spirit)

Credit: Sol Lukatsky

Spirit Technology Solutions’ ongoing push into the channel has started paying off after its posted a mammoth 243 per cent revenue jump for half year 2021. 

For the period ended 31 December 2020, Spirit made $42.7 million in revenue having witnessed contract sales boom by 303 per cent year-on-year, to $14.1 million. 

During the six-month period, Spirit also signed 80 new reseller partners, having made a concerted effort to boost its channel footing since 2018. 

Meanwhile, the balance sheet predicted underlying EBITDA to be in the range of $4.1 million to $4.4 million for this half year, more than double that of 2020’s $1.6 million. 

In the last half year, Spirit made a triple acquisition, snapping up managed IT service providers Beachhead Group, Altitude IT and central-NSW based Reliance IT. 

The triple acquisition will see the companies “add critical mass” to Spirit’s new wholesale division and were rebranded to ‘Spirit Solutions Partners.’  

Before the end of the half year, Spirit moved to acquire managed cyber security service provider Intalock for $15 million. 

“The integration of Spirit’s acquired businesses into a bundled offering is proceeding at speed, is ahead of schedule and already showing significant commercial results,” managing director Sol Lukatsky said.  

“Spirit is deploying capital to automate our operational model, with significant resources allocated to Finance Systems, Spirit X [Spirit’s internet product aggregator], increasing channel sales partners and the Spirit brand nationally.” 

Launched in 2005 in Melbourne, what-was-then-known as Spirit Telecom became a publicly listed company in 2016 and has spent the last two years transforming itself from a telecommunications provider to a full service IT reseller. 

This has involved an aggressive acquisition drive, which saw it buy two Melbourne managed services providers, Trident Business Group and Neptune Managed Services, last February and NSW managed IT services business Cloud Business Technology (Cloud BT) a year ago. 

It now hopes to more than 300 partners as part of its wholesale dealer network by the end of the financial year. 

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Tags SpiritSol LukatskySpirit Technology Solutions


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