Atturra expects strong revenue growth in first half of FY24

Atturra announced earlier this month that it expected unaudited revenue in the range of $108 million to $112 million for the first half of the 2024 financial year, up more than 30 per cent on the prior corresponding period.

On February 2, 2024, Atturra announced that it expected underlying EBITDA for H1 FY24 to be in the range of $10.5 million to $11.5 million, up 15 to 26 per cent from $9.1 million in the prior corresponding quarter.

The company also expected unaudited EBIT in the range of $5 million to $5.5 million, down 29 to 35 per cent.

Atturra said this expected EBIT range is "primarily the result of large one-off costs exceeding $2.6 million associated with M&A and integration activities. The majority of this is related to the acquisition of Cirrus Network Holdings Limited in December 2023."

The purchase of ASX-listed managed services provider (MSP) Cirrus for $57.3 million was Atturra's second acquisition in H1 FY24, having earlier bought Newcastle-based MSP Sabervox for $5 million in September 2023.

Earlier in the 2023 calendar year, Atturra bought Sydney human resources and payroll company Silverdrop, Melbourne Microsoft partner Hammond Street Developments, and Sydney IT solutions provider Somerville Group.

In November 2023, the services company was named Boomi's APJ Practice Excellence Partner of the year and APJ Systems Integrator partner of the year for 2023.

"Atturra is off to a great start which is demonstrated by our revenue and underlying EBITDA numbers," the company's CEO Stephen Kowal said.

"We have added the necessary volume to our managed services business in the first half, which supports our ambition to be Australia's leading sovereign end-to-end IT solutions provider."

"M&A activities have led to some large one-off costs impacting our EBIT. Previously Atturra had highlighted disruption in the Canberra market, but we are seeing the market return to more normal trading patterns."

"I am particularly pleased to see a strong start to Q3 where we have signed deals exceeding $10 million in the Canberra businesses."

"We anticipate that trading conditions in Canberra will progressively improve over the next 12 months and Atturra is well-positioned to benefit from the push to sovereign procurement."