Cloud solutions provider Bulletproof has announced it expects 67 percent revenue growth for the financial year just ended, but admitted some difficulties in the last six months.
In an update to the ASX, the prominent AWS partner stated the full year revenue was expected to be $47 million for the period ending 30 June, with 80 percent of that coming from recurring sources.
However, the cloud provider did acknowledge that the second half of the financial year didn't all go according to plan. That period included the February acquisition of top Kiwi AWS partner Cloud House for $3.8 million.
"While revenue growth and cash have been positive, the underlying profitability of the business has not grown at the same pace in the latter part of the period," stated Bulletproof.
"Project-based revenues in professional services and consulting were strong in the first half of financial year 2016, however weaker than usual seasonal behaviour and some customer-side project delays, particularly in the newly acquired New Zealand business, have lead to a relatively flat revenue performance in this area towards the end of the second half."
This lead to lower utilisation for the professional services engineering team, which impacted on profit.
The company also announced that significant investments in "application product development" were made during the financial year, but the revenue from this activity was not up to expectations.
"We expect to see these revenues increase into financial year 2017 as products gain appeal with customers and assist the company to deliver value more efficiently, and help drive margins," the ASX update said.
Sydney-headquartered Bulletproof is a two-time CRN Fast50 company, honoured in 2012 and 2013 for outstanding revenue growth.
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