Chris McLaughlin (Cirrus)
A renewed strategic focus on services and restructure has led ASX-listed Cirrus towards achieving its highest consolidated revenue on record to $56.7 million during the first half-year of FY23.
The result represents a 27 per cent increase year-on-year.
Cirrus said the strong revenue was generated while also delivering a record backlog (customer orders contracted by not delivered or recognised) carrying into the second half of FY23 of $16.2 million, up from $12.1 million at 30 June, and $9.3 million from the prior year.
According to Cirrus the largest customer sectors include government at 49 per cent of its first half FY23 revenues, and major global and Australian resource companies representing 20 per cent.
First half FY23 earnings before tax (EBITDA) was up to $2.2 million - a significant turnaround on its $379,000 loss at the same time last year. Net profit also rebounded to $1.3 million in the black from $2.2 million in the red in the previous year.
Professional and managed services was up 16 per cent to $17.5 million.
“The speed and success of the business turnaround has put Cirrus in a very strong position to take advantage of opportunities that are likely to present in these uncertain economic times,” Cirrus managing director Chris McLaughlin said.
“The success across all key business metrics is not possible without the dedication and drive of our wonderful Cirrus staff across all our locations. As technical experts in their field, they have embraced change, adopted an innovative mindset and delivered an uninterrupted focus on creating great client outcomes.”
Cirrus undertook a “comprehensive” review and restructure of the business in October 2021 after suffering a “disappointing” dip in its earnings in FY21.
Since then, the company has gained a number of managed services deals with companies such global energy giant ENI and a $15 million contract with Icon Water.
