Sydney-based IBM partner Meridian IT has seen its profit and revenue grow on the back of a good return from its sales business.
The company posted $23.9 million in revenue in the 12 months ending 31 March, up 6 percent from last year’s $22.5 million.
Services revenue was $4 million, compared to last year’s $4.4 million, but revenue listed as “sales of goods” was $19.8 million, up from $18 million in 2017.
Meanwhile, profits were up 70 percent to $502,000 from $295,000 last year due to lower expenses and contributions from “other revenue”, which include miscellaneous income and a foreign exchange gain.
The company also saw reductions in employee costs and other operating expenses, while cost of sales and depreciation and amortisation costs increased.
Meridian IT declined to comment on the results.
Sydney-based Meridian IT Australia provides IT solutions for data centres, unified workplace, security and risk management and cloud, while also works with parent company Meridian Group’s international customers through an internal cross-sell model.
The company was previously known as Tardis before taking on the Meridian name in 2013. Meridian Group acquired the long-time IBM, Intel and UNIX partner in 2007.
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