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Sirius (ASX:SIU) expects swing to $36k profit

Sirius (ASX:SIU) expects swing to $36k profit

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.

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Tags ASX:SIUFrancesco Liccardellofinancial resultsSirius

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