Cirrus Networks has landed four major managed services contracts since launching the new division eight months ago.
The Perth integrator said the value of the new contracts totalled $2.1 million and include work for health care provider Richmond Wellbeing and aged care provider Bethanie Group.
For the half year ending 31 December, Cirrus added an additional $3 million in annuity revenue through new contracts.
The company’s half-year revenue was up 6 percent to $6.5 million year-on-year.
Cirrus took a one-off expense of $5.6 million from the reverse acquisition with Liberty Resources in May. As a result, Cirrus reported a $6.7 million net loss for the half. The $500,000 acquisition of L7 Solutions also contributed to the loss, as well as the establishment of the managed services division.
Managing director Frank Richmond pointed out the business was free of external debt and would continue to invest in growth for the future.
“With a strong, debt-free balance sheet and the recent appointment of board member Mr Matthew Sullivan to the executive, Cirrus is well placed to continue to invest in the growth curve and capitalise on opportunities particularly from the L7 Solutions acquisition,” said Richmond.
Earlier this month, Richmond announced he would switch to an executive director role at the company's next annual general meeting. L7 co-founder Matt Sullivan will step up as managing director later this year.
Cirrus came in at No.3 in the 2015 CRN Fast50 with revenue growth of 154 percent to $14.9 million. Shares were holding steady at $0.027 at the end of trading on 25 February.
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