Spirit Technology sees revenue and earnings hit

Spirit Technology has reported year over year declines in its revenue and earnings for the 2023 financial year, in line with the company’s prior guidance.

The digital transformation and modern workplace services company reported unaudited full year revenue of $127 million, down from $135 million in FY2022.

Unaudited underlying EBITDA meanwhile was $5.2 million, compared to $7.2 million the previous year.

Spirit said its recent launches of new managed services and cybersecurity offerings are expected to help boost its financials for the 2024 financial year, as well as a number of investments.

“[Our] new market offers not only deliver on our organic growth strategy of upselling our offerings to existing customers but give Spirit significant earnings growth potential in FY24 and beyond,” Spirit managing director and CEO Julian Challingsworth said.

“Spirit continues to work towards our aim of becoming one of Australia’s leading providers of modern and secure digital workplaces, with appropriate earnings return.”

The new managed services offering is a workplace productivity and cybersecurity suite for small to medium enterprises.

Spirit expects to see a “solid” take up of the offering over the next two months, targeting SME clients looking to optimise goals around staff and customer experience.

It also launched a 24x7 managed security offering after it opened its new security operations centre (SOC) in Brisbane in June this year, specifically targeted to mid-market looking for enterprise-grade cybersecurity capabilities.

The new SOC, built to ASIO’s “Secret” standards, will also support the rollout of the managed security service and enable expansion into the defence industry supply chain.

With its Sustainable business, Spirit is investing in new artificial intelligence capabilities through vendor partners Cisco and MeldCX.

The new offerings aim to enable customers to use AI and Machine Vision to improve operations and reduce business costs, particularly in the health, aged care and education space.