RXP Services has reported a $23.2 million jump in in revenue for the 2015 financial year, in a further sign its acquisition strategy has been a success.
The result is a whopping 45 percent increase over the previous year’s result, when RXP recorded $55.7 million in revenue. Net profit after tax also increased, up 13.2 percent to $7.4 million, compared to $6.5 million the year before.
RXP has snapped up eight businesses since mid-2013. In the 2015 financial year that included the $4.5 million buyout of 29-person Sydney IBM consultants Centrum Systems.
The buyouts haven’t stopped, with RXP making its largest acquisition in terms of headcount when it announced it was buying 90-person Melbourne project management and training firm Engage Viiidacom for an initial $6 million in August this year.
After years of acquisitions, RXP reports no debt and cash at bank of $12.1 million. The company also has a $25 million Westpac acquisition debt facility in place.
Chief executive officer Ross Fielding said the company is seeing cross-selling opportunities and RXP is winning new clients as a result of joint solution development with partners. RXP also started licencing its own IP-backed products in the 2015 financial year.
RXP is forecasting revenue in excess of $105 million for the 2016 financial year.
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