Atturra (ASX: $ATA) FY24 Half Year Results Overview

Atturra Limited (ASX: $ATA) has reported its FY24 half year results, showcasing a remarkable 34% increase in revenue to $111.1 million. The company also experienced a significant 22% growth in underlying EBITDA. Notably, Atturra completed several acquisitions, including the strategic acquisition of Cirrus Networks, contributing to an unusually high level of one-off costs in the first half, exceeding $3.2 million. Despite this, the company remains on track to meet its previously released guidance and anticipates continued growth into FY25. Atturra also highlighted its strong financial position, ending the half with over $48.5 million in cash.

Executive Commentary on FY24 Half Year Results

FY24 is proving to be a transformational year for Atturra, with the expansion of the business to provide true end-to-end IT services. The company is on a strong growth trajectory, with continued demand across the business. Revenue increased by over 34% on the prior comparable period (pcp) to $111.1 million, and our underlying EBITDA has grown more than 22% on pcp. Despite the one-off costs due to acquisitions, Atturra is comfortably on track to meet its previously released guidance and foresees no slowing down into FY25. The recent capital raise has provided significant flexibility around inorganic growth options, ending the half with over $48.5 million in cash.

Summary of FY24 Half Year Results and Outlook

Atturra's FY24 half year results demonstrate a substantial 34% increase in revenue and a 22% growth in underlying EBITDA, driven by continued demand across the business and strategic acquisitions, notably the acquisition of Cirrus Networks. Despite one-off costs exceeding $3.2 million, the company remains on track to meet its previously released guidance and anticipates no slowing down into FY25. With a strong financial position, including over $48.5 million in cash, Atturra is well-positioned to pursue inorganic growth options. The company's vision and strategy focus on becoming Australia's leading Advisory and IT solutions provider, with a commitment to industry and technology strategies. Looking ahead, Atturra aims to continue its investment in managed services sales, education executives, and the Canberra market, while expanding managed services across its current client base and investing in the Natural Resources sector.