Managed services outfit, Atturra is predicting its revenue for the 2024 financial year will reach $235 million off the back of two long-term contracts and its acquisition of Cirrus Networks, which is in its final stages.
Announced in a statement to the Australian Securities Exchange (ASX), the IT solutions provider also said it upgraded its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) forecast to a range of $25 million to $27.5 million – up from its previous guidance of $22.5 million.
By comparison, in FY23, Atturra’s revenue hit $178 million and underlying EBITDA reached $21 million.
This runaway success for the financial year is based on the assumption that its acquisition of Cirrus – which its shareholders overwhelmingly voted in favour of last month – is implemented, which is due to take place on 11 December.
Meanwhile, the two long-term contracts are in the mining and resourcing and local government sectors, respectively. The first is described by Atturra as a multi-year deal replacing a global systems integrator, bringing in $30 million in revenue over the next three years with two one-year extensions. Revenue on this front is expected to “progressively increase” over the next nine months, reaching approximately $1 million per month from August 2024.
The second contract is a “transformational” deal values at over $8 million over three years.
“We are increasingly approached by clients and prospects who want to know more about Atturra and how we can help them simplify, modernise and optimise. That is why I am really excited about bringing Cirrus into the fold as it further expands our capability and reach,” said Stephen Kowal, CEO of Atturra.
“Ultimately the real test of our strategy is the ability to convert our growth in service capability and breadth into winning more work from existing clients – and winning new clients. The two big wins which we outline above give us confidence that the market understands and is embracing our strategy and I have full confidence in a strong FY24.”