Atturra has reported strong revenue growth for the first half of the 2024 financial year, but experienced a decline in profit that the company attributed to the costs of its multiple acquisitions.
For the six months ending 31 December 2023, the company's "revenue increased by over 34 per cent on [the] prior comparable period (pcp) to $111.1 million," Atturra's CEO Stephen Kowal said in an ASX release, which was in line with the unaudited figure the company posted in early February.
Atturra said recurring revenue made up 17 per cent of sales, with long term client revenue contributing 33 per cent and other revenue 50 per cent.
Meanwhile, the company's net profit after tax (NPAT) declined by 37.5 per cent to 2.7 million.
"Primarily as a result of our acquisitions we did have an unusually high level of one-off costs in the first half, exceeding $3.2 million, resulting in a decrease in overall NPAT on pcp," Kowal said.
Atturra completed three acquisitions in 1H FY24; Sydney human resources company Silverdrop for $3.3 million in August, Newcastle managed services provider (MSP) Sabervox for $7.5 million in September and ASX-listed MSP Cirrus Networks for $58.6 million in December.
The company also made several key investments into its business, including $332,000 into its managed services and solutioning arm and $290,000 for additional education executives, sales and solutioning.
Atturra also invested $111,000 for the commencement of its ReadyTech practice, having signed a partnership agreement with the ASX-listed ERP vendor in 1H FY24.
"FY24 is proving to be a transformational year for Atturra, with the expansion of the business to be able to provide true end-to-end IT services," Kowal said.
"I am proud to announce today that Atturra is still on a growth trajectory, and we have seen continued demand across the business."
"Atturra is comfortably on track to meet its previously released guidance and foresees no slowing down into FY25."
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