Organic growth boosts Bulletproof yearly revenue up 69 percent

Strong organic growth has continued to drive Bulletproof's positive results for the 2016 financial year, according to the company.

The cloud services provider informed the market that full-year revenue reached AU$47.2 million, up 69 percent on the previous financial year, with 31 percent of it driven by organic growth.

Additionally, sales revenue was nearly twice the amount reported last financial year, coming in at $47 million at June 30, 2016.

Underlying earnings before interest, tax, depreciation, and amortisation came in 13 percent above last year's reported earnings at AU$4.7 million, and underlying net profit after tax was AU$0.8 million, up 51 percent on FY15. Bulletproof said that while the earning results were pleasing, it was slightly impacted by some customer-side delays which affected profitability towards the end of the year.

Specifically, recurring cloud services revenues, including managed public, private, and hybrid cloud, which represents 79 percent of company total revenue, was up 65 percent to AU$37.1 million; while professional services revenues was up 86 percent to AU$6.5 million, which Bulletproof said was evidence of customers' focus on the transition of their workload to the cloud.

According to the company, the additional revenue was also thanks to its completed acquisition of Infoplex in October 2015, which contributed AU$5.9 million of private cloud revenue. The company said it expects the Infoplex platform will provide in excess of AU$8 million in revenue come FY17.

Similarly, Bulletproof expects its acquisition of Cloud House, completed earlier this year, will contribute revenue in excess of NZ$3.5 million for FY17.

During the year, the company also managed to bring customer numbers over the 750 mark, winning deals with Xero and Adairs, and renewing a contract with Genworth via the Infoplex acquisition.

Looking ahead, Bulletproof expects to achieve revenue of in the order of AU$60 million, a 30 percent increase on this year, and expects an underlying earnings before interest and tax of AU$1.5 million, which would be an 82 percent increase on FY16.

However, the company noted it believes its underlying EBIT result for the first half of the 2017 financial year will be below what it reported this year, saying the transition to deliver improved professional services performance and different product offerings will take time to deliver.

Updated 9.15am 25 August, 2016: Revenue has been corrected to AU$47.2 million from AU$42.7 million as initially reported.