Spirit shrinks profit loss

Publicly listed Spirit Technology Solutions has managed to shrink its reported net profit loss from $53 million to $11.3 million in the red for the financial year ending June 30. 

Revenue was down 6 per cent from $135 million to $127 million in FY23 while underlying EBITDA also shrunk from $7.2 million to $5.1 million. 

As of June 30, Spirit said it had secured more than 300 new clients and four new partnerships that raked in $5 million in contracted revenue. 

Spirit’s managed services segment full-year revenue fell from $69.6 million to $52.4 million, a reflection of the divestment programs, customer target and revenue profitability refocus initiatives. 

Collaboration and communication achieved a record full-year sales revenue of $41.6 million up from $35 million last year, driven by strong product demand and disciplined sales methodology. 

The cyber security division sported a slight increase in sales revenue up from $31.4 million to $33.6 million. 

In May, Spirit revealed it was focused on a new go-to-market strategy centred on growth areas such as Secure; Sustainable and Scalable. 

According to Spirit managing director and CEO Julian Challingsworth, the company has started the new financial year with momentum. 

“Our investment this year in stable technology platforms gives our company a strong base to integrate acquisition opportunities and continue to grow our new market offerings,” he said. 

The company’s new Brisbane-based security operations centre went live in June, which is built to ASIO ‘secret’ standards.