- Spirit Technology (ST1) has closed off 2020 with a 338 per cent year-on-year increase in revenue over the December quarter
- The company brought in $27.1 million worth of revenue over Q2, representing huge annual growth and an increase of 73 per cent compared to Q1 FY21
- ST1’s underlying earnings for the first half of FY21 also totalled between $4.1 million to $4.4 million, up from $1.6 million in 1H FY20
- The good news continued with Spirit going cashflow positive over the first half of last year, with operating cashflow of $4.3 million
- The telecom business ended December with $23.3 million in the bank and a strong pipeline of sales contracts
- Shares in ST1 are trading up 2.5 per cent at 41 cents each
Spirit Technology (ST1) has closed off 2020 with a 338 per cent year-on-year increase in revenue over the December quarter.
It’s record growth for the IT and telecoms business, which brought in $27.1 million worth of revenue over Q2 FY21.
That figure represents huge annual growth and an increase of 73 per cent when compared to Q1 FY21s revenue.
Spirit’s underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first half of FY21 also totalled between $4.1 million to $4.4 million — up from $1.6 million in 1H FY20.
Along with these increases, ST1 also said its revenue from solutions and projects across Q2 rose a whopping 1768 per cent year-on-year to total $15.6 million.
The good news didn’t stop there with Spirit going cashflow positive over the first half of last year, with an operating cashflow of $4.3 million.
The business also ended December with $23.3 million in the bank and said it has a strong pipeline of sales contracts coming up for the rest of FY21.
“We have had an exceptional first half for FY21. Our record growth has continued as businesses seek to modernise their IT & Telco systems,” Managing Director Sol Lukatsky said.
“We’re now building scale and taking significant market share across SMB, Essential Services and Corporate segments. Spirit’s comprehensive product range spanning Cloud, Voice, Data, Managed Services and Cybersecurity is now being integrated into one offering and is in high demand,” he added.
“We are still expecting additional upside as the operating model matures in the market in H2 21. The results are also pleasing as we are both growing and investing simultaneously,” Sol concluded.
Shares in Spirit Technology are trading up 2.5 per cent at 41 cents each at market close.