Cirrus Revenue Growth Continues – Up 41% YTD

PERTH – September 24, 2015 – Cirrus Networks Holdings Limited (“Cirrus” or the “Company”) (ASX: CNW) is pleased to announce an update on its trading performance for the months of July and August 2015.

Highlights

  • July unaudited revenue up 29% on prior year
  • August unaudited revenue up 69% on prior year
  • YTD unaudited revenue up 41% on prior year
  • First annuity revenues received during July and August
  • Sales pipeline continues to remain strong in a tough economic market

After a record unaudited revenue result of $14.9 million for the 2015 financial year, the Company has seen further strong performance across its divisions. Unaudited revenues for the months of July and August 2015 were up 29% and 69% respectively on the prior year, which represents a revenue growth of 41% for the year to date.

These results are further enhanced by the performance of the Managed Services division, which saw the Company receive its first annuity revenues during July and August. As previously announced to the ASX on 20 July 2015, the Company won $1.5m worth of initial annuity contracts after the official launch of its Managed Services product offering in July 2015. Long-term annuity contracts are a key focus for the Company moving forward to allow for greater revenue continuity in the future in what is typically a seasonal industry.

A detailed quarterly revenue result for Q1 will be released during October.

Frank Richmond, Cirrus Networks Managing Director comments, “After what was a Company making revenue result last year it is extremely pleasing to see continued growth into the 2016 financial year. Although the current economic climate is tough for many companies, the quality of our product offerings and people is allowing us to deliver continued excellent results for shareholders.”

For further comment and information:
Frank Richmond
Managing Director
Cirrus Networks
Tel: (08) 6180 4200
investors@cirrusnetworks.com.au
cirrusnetworks.wpengine.com