Cirrus Delivers Revenue Growth of 154% for FY15

Highlights

  • Cirrus Networks reports rapid revenue growth with $14.9M unaudited revenue for FY2015 vs $5.9M FY2014 audited revenues
  • Growth driven by key client wins that include Western Australia’s largest locally operated bank, iiNet, Curtin University, LandCorp and Emeco Holdings
  • Sales pipeline continues to drive expansion into new customers through Managed Service, Cloud and Professional Service offerings
  • Recently announced $1.5M Managed Service Contracts to contribute towards FY2016

Cirrus Networks Holdings Limited (“Company”) (ASX: CNW) is pleased to announce significant revenue growth for FY2015 in its wholly owned subsidiary Cirrus Networks Pty Ltd (“Cirrus”), representing an increase of 154% in unaudited revenue to $14.9M vs $5.9M for the previous corresponding period (FY2014). The positive result further validates the Company’s disruptive approach to engaging with customers and providing compelling IT solutions as it continues to grow its market share.

The chart below shows the growth rate of Cirrus as it continues to consolidate and build on its position after it was named the 2014 second fastest growing Technology Company in Australia in Deloitte’s Technology Fast 50 Awards.

The Company recently announced the signing of $1.5m of new managed service business, demonstrating its ability to secure multi-year contracts that enhance its growth outlook.

Managing Director Frank Richmond commented “This is a key component of our strategy to deliver increasing value to Shareholders, by continuing to move up the customer value chain and transforming into a higher margin, annuity driven business. With our recent listing on the ASX, we have the backing needed to continue expanding our service offerings and drive further growth”.

About Cirrus:

Cirrus Networks Holdings Limited (ASX: CNW) is an IT solutions provider that helps businesses understand their technology needs and implement solutions that are world leading, best of breed, cost effective and efficient for long term operational gain. Cirrus’ innovative approach has resulted in the swift establishment of a blue-chip customer base and its success was recently recognised at the Deloitte Australia’s Technology Fast 50 Awards, where it was named the second fastest growing “Rising Star” technology company in Australia in 2014.

Cirrus currently has contracts in place with some of Australia’s premier companies including Argyle Diamonds, Western Australia Police, Roy Hill Iron Ore, LandCorp, Independence Group NL, Tronox Ltd, Emeco Holdings Ltd and Keystart Home Loans.

For further comment and information:

Frank Richmond
Managing Director
Cirrus Networks
Tel: (08) 6180 4200
investors@cirrusnetworks.com.au