Telecommunications provider Hubify has launched a new cyber security unit as it closes off a successful 2023 financial year.
The Sydney-headquartered provider has announced Cybify, a security solutions provider for small-to-medium-sized businesses offering event management, proactive defence, governance and penetration testing, as well as backup and disaster recovery.
The launch comes as the publicly listed company returned to profit for the year ended 30 June 2023.
Last year, Hubify’s profit plummeted by over 300 per cent, landing it with a significant loss for 2022. However, this year, profit after tax grew by 197 per cent to $1.4 million, a staggering rise from its loss of $1.45 million at the end of FY22.
Meanwhile, Hubify’s revenue grew by 5 per cent to $25.7 million while earnings, interest, tax, depreciation and amortisation (EBITDA) grew by a significant 868 per cent to $3.3 million.
Revenue included the recent contract termination payment of $2.28 million through Hubify’s exit from the Optus Small Business Program and the new Optus Enterprise contract. Excluding this payment, recurring revenue grew by 13 per cent to $19.9 million or 74 per cent of total customer revenue.
According to its report to the Australian Securities Exchange (ASX), Hubify’s total recurring revenues grew to 82 per cent of total customer revenue on this record result.
This, according to the company, reflects the continued take-up of managed and professional services. Hubify, which was formerly known as United Networks, began ramping up its managed services provider play in 2021 when it made the dual acquisitions of ICNE and Smile.
The following year, it acquired managed service provider and telco business Connected Intelligence for $3 million.
Now, the company said its MSP business is growing strongly, leading it to expand its enterprise customer offerings in business IT, cloud services, IT Infrastructure and security through Cybify.
“The launch of Cybify completes our full suite ICT and cyber security offering,” said Hubify CEO Victor Tsaccounis.
“Our closing cash position with no bank debt sees the company in a great position to continue investing in the capability to execute on our organic growth goals and to explore accretive acquisition opportunities in what is a fragmented market.”