Tesserent posts 115 percent full year net profit growth

Cybersecurity and cloud solutions provider Tesserent welcomed growth in its net profit for the full financial year ending 2022.

For its full year, the company posted a $16.3m EBITDA, a growth of 115 percent and a $163m turnover, a 69 percent jump from the previous year.

This overall growth is comprised of both organic growth and growth from acquisitions, according to the company.

The group reported continued strong growth in the underlying business in the fourth quarter, with year-on-year growth of 50 percent against the prior year's comparative quarter.

Strong revenue and earnings growth for the fourth quarter including a strong operating cashflow came in at $11.1 million. The group’s cash position was $14.5 million at 30 June 2022.

Overall growth in EBITDAC (earnings before corporate costs) was 59 percent for the current quarter and 89 percent for the full year FY22 compared to the prior year.

The group recorded positive operating cash flow in the fourth quarter FY22 of $11.1 million, as a result of favourable movements in net working capital, the company said. Investment in net working capital which increased in the third quarter has unwound in the fourth quarter of FY22.

Earlier this month, George Katavic has been promoted to managing partner of Tesserent Federal which completes the integration of the North, Claricent and Pearson businesses.

Tesserent Federal is now the largest provider of cybersecurity consulting services to the Federal Government.

The group achieved strong outcomes in driving cross-selling initiatives with the sales teams proficient in identifying security risks in client environments which can be mitigated with Tesserent’s offering of consulting services and critical controls.

As at the end of June 2022, the group has grown to a headcount of 459, having recruited an additional 55 employees (net) in the current quarter, and 151 employees during the full year FY22.

The business remains focused on recruiting and retaining key talent to continue to provide an outstanding level of customer service to our clients, whilst continuing to grow our coverage in all aspects of the Cyber 360 delivery to the market.