Bulletproof's managed cloud services bump 1H16 revenue up 90 percent

Bulletproof has announced that rapid growth in recurring revenue from the managed public and private cloud market helped the company achieve a 90 percent increase in half year revenue for the 2016 financial year.

The company reported total revenue grew from AU$11.4 million recorded in the previous corresponding period to AU$21.6 million. Underlying earnings before interest, tax, depreciation, and amortisation (EBITA) was up 82 percent to AU$2.1 million, from AU$1.2 million in the 1H15.

At the same time, underlying net profit after tax leaped 111 percent to AU$60,000, up from net loss of AU$567,000 recorded in 1H15.

The results come as the company reported that recurring revenue for the six-month period increased by 72 percent to AU$17.3 million, which represented over 80 percent of all revenues.

Bulletproof said customers continued to build on their existing cloud footprint during the period as they migrated additional applications to the cloud, which in turn boosted growth in its managed cloud services business and the company's overall performance.

During the six months, the company expanded its private cloud offering by completing the acquisition of Infoplex, a deal that was valued at AU$3.55 million. As part of the acquisition, staff numbers increased to 160.

Additionally, professional services revenue was up 317 percent from 1H15, which the company said is indicative of customers looking to work with a trusted partner as they migrate to the cloud.

Looking ahead, Bulletproof said it expects to see continued strong growth in revenue, with belief its recently completed acquisition of New Zealand's Cloud House will drive its New Zealand cloud services revenue. At the time, Bulletproof said the deal would help cement them as the region's largest Amazon Web Services partner.

The company is also now gearing up for full sales of its latest range of managed digital application platform services, which was recently piloted by two major retail customers on their retail integration platform.

"The company continues to invest in platform product development, aimed at providing key business outcomes for customers and improving operating leverage by automating many common tasks for cloud customers," Bulletproof said.