A renewed services-led strategy and structural changes are beginning to show improved earnings momentum for Cirrus Networks in the financial year ahead.
Revenue was slightly down 2 per cent on the financial year 2020-21 to $104 million, but despite this, the company experienced a record second half revenue of $60 million – up 13.5 per cent on the previous period.
Adjusted earnings for FY22 before tax (EBITDA pre options) were $2.1 million, up 2 per cent on the prior year, while profit after tax was up 6.9 per cent, to $471,369.
The company did point out that the earnings results should be viewed across two halves “given the significant negative events in the business during the first half”, which saw the company successfully defend “a very disruptive and costly low-ball hostile takeover bid while faced with ongoing COVID headwinds on labour and supply chain”.
Following a comprehensive review, the company executed a restructure in October 2021 to reduce overhead and simplify the structure to execute on strategic services focus as a pathway to growth.
Cirrus expects the renewed services-led strategy and structural changes will deliver strong business outcomes into FY23.