Friday, 22 January 2021 10:52

Spirit Tech reports big rise in revenue for both quarter and second half

Spirit Tech reports big rise in revenue for both quarter and second half Image by Salvador B. from Pixabay

Listed tech provider Spirit Technology Solutions has reported a lift of 243% year-on-year in its revenue for the first half of the financial year 2021, with total revenue coming in at $42.7 million, according to unaudited results.

The company said in a statement to the ASX that revenue for the second quarter was also up, by 338% year-on-year, to $27.1 million. This represented a rise of 73% on the revenue achieved in the first quarter of the 2021 financial year.

The company reported that it had $23.3 million from cash in hand and available debt as of 31 December.

The firm changed its name from Spirit Telecom last year along with its acquisition of security services provider Intalock.

Managing director Sol Lukatsky said: "We have had an exceptional first half. Our record growth has continued as businesses seek to modernise their IT and telco systems.

"We're now building scale and taking significant market share across SMB, essential services and corporate segments.

"Spirit's comprehensive product range, spanning cloud, voice, data, managed services and cyber security, is now being integrated into one offering and is in high demand.

"We are seeing a structural change with business customers who prefer a bundled IT & T offering rather than having multiple disjointed providers."

Lukatsky said the integration of acquired businesses into a bundled offering was proceeding apace and already showing significant commercial results.

"We are still expecting additional upside as the operating model matures in the market in the second half of 2021," he said.

"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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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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