Software and services company Sirius (ASX:SIU) expects to have swung to a $36,000 profit in FY10, from a $1.2 million profit the year before.
Unaudited results indicate that revenue grew by 6% to $5.7 million, Sirius said.
Revenues for its flagship InfoMaster product were up 40%, and the InfoMaster unit extended its customer base to more than 80 councils across Australia and New Zealand.
Recurring revenue from software maintenance contracts grew to $2 million from $1.6 million, the company added.
Managing director Francesco Liccardello said the company had come close to following through with its long-promised strategy to expand through acquisitions from its current small size for a listed company.
But he added that Sirius had ultimately decided that the acquisition targets were not the right fit, and that the benefits to shareholders would be insufficient.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.